Now, not so much unless you are buying at deep discount and are getting materials and labor much cheaper than normal.

We are located in The Rio Grande Valley, Deep South in Texas.

As I hinted in my previous reply, I believe it's just because Puerto Rico doesn't have the deep pockets to match Mexico's and the Dominican Republic's colossal investments in infrastructure and marketing.As to the currency aspect, yes, Americans don't have any foreign currency risk when investing in Puerto Rico.

I'll need to do a better deep dive but I cant see why there's a hype for these the LTR/MTR.

Am I too deep in the weeds? 

I'm not sure if we're allowed to post outside links, but you can watch video on our Facebook Page "Cody Bjugan - VestRight" (link to the video: here)But again, it isn't a deep dive into specifics.

None of the names listed above appear to be pivoting into the homeowner association space, yet here in the northeast USA it's still quite a fragmented industry outside of the major urban centers with established and deep-pocketed PM firms. 

You're looking miles deep, but you haven't even gone 1 step on mile 1 5280 steps in.

The market rate for a full-service STR co-hosting company is 25% gross after cleaning fees.On average the following would be included... 24/7 guest communication, vender oversight, weekly updates on the OTA listings, make sure maintenance and deep cleanings get done...but owner pays the expense, stain removal on linens, marketing the property, keep supplies stocked...again owner pays the expense, keep property guidebooks updated (digital copy and hard copy), security (locks, cameras etc.) oversight, bi-weekly pricing software management, walk the property regularly, provide monthly reports, and obviously any guest problems that arise time to time.

I'm Alexander Davila from Mundelein IL (Little Suburb North of Chicago), I've been digging deep about real estate investing for little more than 6 months.