We actually started when we bought a property to buy and hold but it ended up not being a good fit for our portfolio so we sold it.

Hi @Camila Cabrera - If you connect with Mark's attorney and it isn't a good fit or you'd like another referral. 

@Deal H.thank you for sharing this,because my W2 is taking too much of my time and Turnkey seems to fit with the projects I have in mind.

The irony of the 1% "rule" is that those who could even use it effectively don't need it, ie if you need to spend more than 30 seconds thinking about whether it fits the guidelines you're probably not educated enough in RE to use it anyway. 

I think I haven't seen that floorplan you are talking about, not sure how you can fit 6 people in 500 ft2, do you mean 4 people?

For example, in Mexico, you can put less than 40-60% down, interest rates are in the single digits and you can get 20- to 30-year mortgages (and you can't get anything shorter actually) and the right areas would fit within @Richard Foltys' criteria.

A few updates that didn't fit into the above post:The attorney who handled our closing offered to assist the sellers pro-bono in an effort to recover some of the equity.

@Richard White I'll send you contact info for two local PM lenders that might be a good fit.

Cash-flow does not fit that equation.

Also, be sure to consult a CPA about the timing of transitioning properties to an LLC to avoid potential complications with financing or taxes.Take time to compare multiple lenders and products that fit your strategy.