You can't compete against the all-inclusives unless you offer complimentary food and booze or you're cheap, as you seem to be confirming.This being said:1) Properties in Mexico/Cancun trade in USD so you have no foreign exchange risk in Mexico while properties in Colombia are traded in COP, the Colombian peso, which has been tanking over the years, eliminating any hope for capital gains for American investors.2) You can get a mortgage in Mexico but you can't in Colombia so even with lower revenue, Cancun would likely still be more profitable, even if you don't take capital gains into account.3) The political risk is much higher in Colombia, especially at this present time.Is Cartagena a bad investment?

I have been with Fundrise since late 2017 but all Real Estate equity (~75%) and debt (~25%) with a fairly small investment that, according to their calculations, has returned gross ~7.5%pa (growth + dividends) over that 7 year period.So the above is not bad based on general risky asset long term annual returns, but the S&P 500 has returned (growth+ dividends reinvested) ~14.3% pa over that same period (source: using https://ofdollarsanddata.com/sp500-calculator/).

So it's an all or nothing proposition for the house. 

Jumping in with no money down is possible, but going for 100% financing can be risky—it means less leverage and higher payments, which can be tough, especially starting out.

I.e. which method is easier to finalize, which one would cost less, which one is less risky in terms of clarifying title&liens, etc.Thanks. 

SarahI’m gonna give a slightly different answer than others, figure out where/how you want to live within reason & than figure out a way to use strategies to make that somewhat affordable but using a strategy 1st approach is really risky in this market, because it might take 4-5 years to even break even vs renting, so you want to find a place you’d be happy to live for 4-5 years & than find strategies like house hacking that make that more affordable. 

Some people make attempts at getting around this buy calling them "marketing fees" or some other obvious attempt at skating the law, but even if there is some loophole or potential way around it, anyone who is willing to pay that fee to an unlicensed person isn't the smartest person in my book because it's very risky, and no upside to the risk of it.

If you have properties in low crime areas with higher incomes, Section 8 becomes a way more risky alternative for you.

Private placements are inherently risky by that very fact - they are not regulated or audited  to the degree that a publicly traded company is.  

Lenders don't like borrowers without reserves.Is it risky if the property cashflows well at 100% financing, in an appreciating area, and you have plenty of cash in the bank to cover any problems?