I think its only been this BP dream that goes on about living on rents.. thats not a common thought out of these circles. of course investing in real estate getting it paid for and APPRECIATION is were wealth is created..

Generally speaking, the buyers in the USD market (foreigners and wealthy and upper middle class Mexicans) want a new or turnkey property and don't want to have to do renovations and they prefer new properties over properties that have been renovated.

Wealth is built through appreciation which doesn’t appear to be a factor in your calculation.

With housing prices and all prices so high, multi-gen households will be more common here in the US like it is in other cultures and HH is an excellent option for older and younger family gens to stay closer and save $. 

But the real wealth is made in the equity gains!

You want 500k or 25k a month :) Wealth is BUILT not flipped.

Unfortunately It's been a constant stressor due to the anti-landlord culture and laws in the city.

The wealthy from Panama City who generally have their own place and don't need to rent or want a much bigger and luxurious place when renting?

Having been in the Navy and to some places where hygiene and food safety is more of a suggestion than a rule, I think it's something of a cultural thing.

The trustee is very smart and experienced, is wealthy, and has shown past deceptions that are self dealing.