Costs?

I was able to get them $9,000 off of the asking price, and a $30,000 concession to cover closing costs and a rate buydown further increasing their cash flow.

To break even after commissions and closing costs, I'd need to sell for at least $275k.What would you do if you were in my situation?

What's the acquisition cost, build out cost, exit strategy? 

BPCON will be rather costly, considering you need to fly to Mexico and the tickets start at $1739 if you are a pro member.

If you could renovate and split off an ADU or even apply to turn it into a duplex or triplex (although that will cost plenty of money with new kitchens, utilities, etc.) that could very well be worth it.

Basically, they do not want lawyers to deduct the cost of law school and doctors to deduct their medical school - which sort of makes sense. 

taxes/insurance costs?

I think that the rule says the monthly rent of the other three tenants must exceed the monthly costs of the property.

These areas have much more active management of properties with more collection issues, more turnover costs, more vacancy, etc.