If you feel you are ready for this and have a desire to ignore advice that doesnt fit what you want to hear just go for it.

The average investor just placing capital to buy something cheap is asking for a disaster to happen.If an investor can locally they might try finding a property needing complete rehab in an A area to get the rents they want and close to the price they desire.

Don't miss out on this incredible opportunity to own a stunning, completely remodeled home in a highly desirable location!

Because the original value of your closed loan was based on renovations being done, there is no additional value to use for the removal of the PMI.Maybe consider refi to another lender who will order another AVM or appraisal to get you a more desirable LTV. 

I dont have any experience in this market but have looked into it a little bit, I know that you can get the houses pretty cheap there but my concern was with the long term appreciation - I dont believe it is a highly desirable place to live and so there wont be much appreciation -however that is just my opinion and I really didnt look into it much,  I think it would be a cool place to live as I go to Monterrey all the time, but its hard to say. 

Between my wife and I, we should be able to manage a small to medium portfolio and as of today, we don't desire to have a large portfolio.Thanks in advance,Quentin

The tenant-buyer has time to fix their credit and save more money for a down payment during the option period, then exercises their option - fulfilling their desire for home ownership.

I suppose what I’m trying to figure out is: if my property is 1.5 - 2 miles (30+ min walk) from the closest cluster of hospitals, how much will that impact the units desirability for most nurses?

You may find a good deal in any neighborhood but some more neighborhoods are more desirable than others.

Basically scale in paper and challenge it with your personal time, resources, desires, finance, insurance, PM, etc.