You could buy a multifamily, fix it up, rent out units while living in one, then refinance to pull out your initial investment and repeat the process.Additionally, deep-diving into specific areas within your target markets will help you identify properties with higher rental potential for your mid-term strategy.And regarding owner-occupying your first multifamily, this could be an interesting option depending on your financial goals and risk tolerance.

The ease of just handing over cash is infinitely more tolerable than a difficult real estate transaction that most likely isn't even understood by the heirs.

Some people have made a very high appreciation in R15 and R8, some higher than the privately planned masterplans like Aldea Zama, Selvazama, and Tulum 101, It depends on the investor some prefer buying at a higher price per sqft with all the infrastructure already in place and some will try to get a better deal and wait for the infrastructure to arrive, it all depends on your risk tolerance and your goals, needs and wants. 

The rents are already maxed at what the market will tolerate...$2950/month for a house with a $635k market value.

I think only you can answer that question when it comes to risk because your level of risk tolerance is yours alone. 

I personally don't like this transaction, but everyone has a different risk tolerance. if you can aggressively raise rents and the market appreciates you are fine.For your assumptions the red flags that I'm seeing:0% vacancy should be higher unless your a PM and are experienced, even still.0% for management fees, are you a property manager?

Examine several investing opportunities while taking your interests, risk tolerance, and available funds into account.

how much reserves for capex do you have or can your potential partner tolerate?

Depending on his experience and tolerance for risk, he could be a money partner for investors who have deals but not the cash.

I don't think there's really anyway to answer this without other questions like degree of activity, risk tolerance, holding period, etc.