This step involves a detailed analysis of their balance sheets, income, and cash flow statements, provided they can provide it.

The property currently cash flows a little over $500/mo.

I’m not necessarily looking to cash flow, but I would like the mortgage/taxes/expenses to be covered by the rent payments if all the units were rented out. 

This sounds like an excellent candidate for a "wrap" or all inclusive deed of trust where you would pay the seller and lender (through a title company or loan servicing company) the new, agreed upon payment based on what terms you negotiate. 

If you have a portfolio of, say, five rentals in your 401k when you are in your sixties that produce $7,000-$10,000/mo in passive income (rental cash flow) - then you simply take the rental income as your RMD without touching the properties.

It seems like Panama went through its own bubble where prices just skyrocketed due to an unwarranted level of demand and eventually it did/is coming back down to reality.

It's one of the harder markets to find cash flow in, on average, in the US right now, but not the worst.  

We do not like how you enter expenses through the bank feeds.

Yes it's possible she may not have it in great shape when she moves out but at least you get the property back earlier and can hopefully move on with a better tenant vs. the potential have having her hold over and having to go through eviction and her for sure not leaving it in good condition.   

I'm particularly drawn to Columbus, Ohio.I would love to connect with an investor-friendly real estate agent in Ohio to help guide me through the journey.