BRRRR = Buy, Renovate, Rent, Refinance, and RepeatTurnkey and new construction sell for market price so you can't "refinance" and cash out the gained equity unless your market explodes and property values increase dramatically in a short time.You buy a fixer-upper below market value.

Takes 4 - 7 months or more, slowing things down dramatically.

I purchased 2 around Dunnellon about a year and a half ago, contracted about six months earlier…it’s worked out very well with values increasing so dramatically…was probably more fortunate than well planned though, timing can make all the difference in the world

Everything invested in high growth markets, regardless of the vehicle, will dramatically outperform and have much lower downside risk than anything invested in Michigan. 

Two of you should easily be able to handle 80 units, even if it's on spreadsheets, but software reduces the workload dramatically.

Handling out of state investors is dramatically different than working with local home owners.

Say someone works in a field where incomes are subject to change dramatically such as oil and gas, certain types of construction like road building etc, these people may work large numbers of hours and make good money but there is usually some level of base pay and should conditions change such as oil prices dropping or say having a wet summer where construction might be delayed for extended periods etc, you will want to evaluate a prospective tenant on a base pay as well as the highest gross income possible.In an oil and gas situation it would be totally possible for a person/family to make $4000 a month right and your rent lets say is $1500/mo, well what happens when the price of oil drops and there is no overtime pay coming in and that monthly income drops to $2000/mo????

Not dramatically and not quickly, but slowly.

However, if you do land one where the numbers work you can get your BRRRR working and possibly have a dramatic degree of appreciation down the line.

In addition the safety risk in mexico fluctuates dramatically.