Most of the tourists in Tulum are millennials & generation X, not as many baby boomers, I own property without an elevator in Tulum so I know...

Long-term rentals offer diversification, learning experience, and lower returns but may generate lower returns.

You have a kick butt deal, if you generate ha;f the cash flow you’re planning on you’ll be ok.

Is it by filing 1065 and generating K1's or is there more to it?

As long as you purchase at least as much as your net sale and use all of whatever proceeds are generated, you will defer all tax.

But then they look back and wish they would have kept it because it would still be generating income for them.

The BIGGEST mistake wholesalers make is diving into lead generation before you have anything set up to convert those leads when, and if, you DO find them.What is the point of trying to reach out to prospects when you have no system set up to convert these prospects into leads?

That leasing agent can provide very good insight into what is moving in the market and how to generate more income. 

You could make the same amount of money (or more) without the time, stress, or energy required as a DIY Landlord.If you do decide to manage yourself, you need a quick education.

Assuming you're in the Charlotte market, there should be plenty of room to generate cash flow and subsidize your new primary mortgage.