Furthermore, you will have some passive activity loss limitations to deal with, presuming that you do not qualify for the "Real Estate Professional" designation in the next two months.

Given today’s interest rates, a highly-leveraged arrangement (where you’re putting 3% or 5% down) probably isn’t going to generate any cash flow, so unless you’re comfortable with injecting money into the deal every month, I’d recommend accumulating more cash before you start investing.Generally speaking, a good place to begin is when you have enough for a 20% down payment, closing costs, and 3 to 6 months of reserves.

I wouldn't be comfortable buying a cheap property and not actually rehabbing it. 

This will impact your costs and time commitment.Risk Tolerance: How much risk are you comfortable with?

If you aren't comfortable posting your experience, please PM me. 

Get things in writing if you're not comfortable with what you see or hear.

Living and working overseas can present unique challenges when it comes to securing financing, but there are definitely loan options designed for situations like yours.

What type of MEP work are you putting into the design for getting the sewer, water, power, and internet (assuming you're not extending gas) to the inside of the building? 

It's the ultimate "investor" property as it's designed for investors unlike some other condo or house in Carlsbad that you won't be able to visit because it will be on a 1-2 year lease and will only net you equity via appreciation, not cash.

Align your decision with your goals, market conditions, and comfort level.