Sometimes people get in over their head and find it easy to use other's people money thinking they can later "reimburse" them. 

Most Costa Rican mortgage loans require %50 down which we have the cash for but we don't want to tie up that much of our liquid assets in one property as we intend to buy a 2nd property in the next year or so.

We finance it through a LLC we setup and got a commercial loan for the property with 20% down by borrowing from a 401k. 

Where do you see yourself headed?  

If your debt has no prepayment, you can always refinance WHEN rates come down.

Private money funded the $90k down payment at 8% interest, no payments due on that until the balloon in 48-months.

FHA loans will allow lower credit scores, however the minimum down payment would increase from 3.5%. 

Detroit will be cracking down on landlords next year.

The investor may have access to lower rate/fees Hard Money; to be a more competitive buyer with little to no contingencies; property may be need to be rehabbed and after adding value may be doing a cash out refinance down the road.

You want to get to the point where you can do a rough analysis off the top of your head and it takes a lot of experience to be able to do that.