Capital gain is nothing like the cities though.

Another thought if you have already been in the house for a year is to continue to work on it, add more value and then sell it after two years so you can avoid the capital gains.

Talk to an accountant prior to doing the cost segregation study.You want to discuss whether it will be beneficial or not.In general real estate is considered passive which means that it can't be used to offset other forms of income such as wages, interest, dividends, capital gains, etc.However, there are some exceptions where the real estate loss can offset these types of income.best of luck.

Also, if anything were to go wrong I wouldnt have the capital available to pay extra on a property every month. 

Save up more capital and buy an investment property or just house hack for a year. 1 year really isn’t that long and flies by pretty quick.

No capital gains in Belize.  

Then you get to pay capital gains as well.

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

If you have no capital and little or no experience, finding a partner may be a better option. 

In this market i would only go that route if you have the resources to cover their initial investment so there would be no loss of capital if things go bad.One of the syndications that i am an LP buys MF, rehabs the existing units, converts tbe garages into max number of studios, brings all units to top of market rent, and exits with max NOI.