And, perhaps most importantly, make sure you have access to flexible financing options that can help you adapt to new market conditions.

Alot of unknowns as you don't have the ability to walk the property beforehand, but interesting process, and pretty good deals exist there.While the Trustee Sales are cash purchases, there are many hard money options that can turn over the funds in time for the 24 hour funding required to complete the purchase.If you are interested, let me know and I can go into more detail, as well as make some other suggestions for you to consider. 

This is not a great return, but not terrible.As others noted, there are other risks, like having the property insured at full replacement or purchase price, or if the option is 100% seller financing with no money down or very little, versus 20% traditional down payment, this can start to move it into a better investment.

Do you have any recommendations on a lending source for a property such as this?

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

I've found options in Costa Rica, but rates are in the 10% range.Does anyone have any experience or guidance on obtaining a mortgage equivalent to purchasing a 2nd home in the US?

@Jordan Kaylor, financing aside, how are you going about sourcing potential deals?

I assume mountain towns are my only option for cooler in the summer without humidity. 

In general, what sources and heuristics do you use to determine if an area can support new construction in general, and in specific in GNO?

In other words, an IRR calculation.Have you ever considered doing lease options?