In Costa Rica, property condition is a constant variable, far more critical to maintain than the USA. 

Your specific variable expense assumptions are wrong, BUT you stumbled into them being correct overall.Also, you are approaching this correctly - entering in the numbers to generate a purchase price that meets your metrics:)

Potentially free parking for your guests.Condos can work too, but there are more variables out of your control.

To Sum it up, its a good idea if you can exceed the cost of capital (higher rate than your cost of debt) with what you earn on your heloc/debt you pull out and invest.The question is how much gains above is enough to substantiate the risk of your variable interest rate, well thats up to your personal investing criteria.

It is still risky considering that there are always variables that need to be considered.  

A HELOC offers flexibility, as you only pay interest on what you use, but rates tend to be variable.

Ok, next let's remove all the high risk; bye-bye sec8, D/C class, per room rentals, STRs, all that big variables stuff GONE. 

@Steve Crisp There are a lot of variables that go into play as to whether you could benefit from a cost segregation study or not.

For a traditional Heloc at most small banks/CU's, the rate will be variable and will be WSJ Prime + a spread that represents the borrower's credit risk.

There is some variability based on scale of property.