ON these luxury rentals it's usually a non issue though. 

Change carpet to Luxury Vinyl Plank, I use Lifeproof from HD.5.

In my opinion, and echoing the sentiments expressed here, this is an area with solid, predictable, consistent tourist traffic and limited "traditional" lodging opportunities, which is a good environment for STRs - but the market is quite competitive, and a top-notch experience and some sort of hook or "niche" will be necessary to keep your property at higher occupancy. 

I think the majority of the people buying those luxury apartments are international investors and the such.

I'm fully aware this is a super difficult question to answer as there are a lot of factors to consider here: What type of real estate (e.g. luxury, foreign)? 

With new luxury condos coming up there must be potential in the area, right? 

So Medellin is showing good returns as in total property return from rent and capital growth but yields are very low BUT I would say that outside Medellin and a few other hot spots I do not see Colombia as being that exciting a place to invest compared to  Europe because we have such strict green belt and planning laws there has much better long tern growth prospects .... although Brexit in London has been really bad.The other two things to watch out for is that the apartment luxury end is dangerous if your block moves out of the top end just because its getting a  bit older or is no longer in the latest hot area. 

This feels like luxury real estate or legacy property with land, but I could be wrong given the prices of RE right now. 

I think we all have to deal with finances even if we can live a life of some form of luxury.

I am taxed at the lodging level.- Scenario 3: I buy or rent a bunch of run down homes in Alma or Fairplay long term and install bunk beds in each room.