I currently broker LIHTC multi-family for a large firm coast to coast and am also interested in MF in the Arizona submarkets as well, and will eventually invest on that scale - I just figure breaking into the state through SFH flips may be a more risk adverse way to understand the pros and cons to phoenix submarkets.

These requirements are solid, keep them: Application: Everyone aged 18 or older must complete an application.

Another idea is to partner with someone who is located in PR and better understands the market. 

I understand that a fideicomiso is needed if we are wanting to own a property by a beach (which we would).

If you are new and don't have a clue, then I would certainly recommend them or some company that can guide you through things until you have an understanding. 

I furnished 2 STRs for that amount, just go to either high-end thrift stores or a lower-end antique store....you'd be surprised at how little you can pay for solid wood furniture...

Finding solid contractors is the hardest part of the equation.

Hey Steven - An LLC is a solid choice for structuring your partnership since it offers liability protection and keeps things clean when splitting ownership and profits.

@Jeffery Jones you understand you'll be buying Class C & D properties, not in the best of areas?

You'll never get your best deal until you understand what the other side is dealing with.