A lot of people are just comfortable enough to justify inaction.

It makes the property more attractive to students and can justify slightly higher rent.

This is because they're much more expensive than other countries in the region and, unlike in some other countries in the region Costa Rica doesn't have the mass tourism needed to get you the rental income that would justify those prices.This being said, it shouldn't be hard for you to break even though since all you'd need to do for that is cover your costs.

That number has to be large enough to justify the 1031.

My position as GP is justified with work experience being that I invest and develop for years, and for putting the deal together and bringing the unique opportunity. 

That's the only solution and it doesn't require fifteen paragraphs to explain or justify.

Small improvements or updates can justify slightly higher rents too.

Do they come through and try to justify their existence by pointing out small things for you to fix or is it pretty benign and they're just making sure you're not a slumlord?

@Mike Beer, after being in Raise Masters TWO DAYS, I was able to instantly justify the annual membership fee and then some.

I am managing remotely so I am not much different than Evolve, so I don't feel I can justify 25% like a local operator would, but I do care a whole lot more!