Additionally, the beach is still within reach...just a short 1 hour flight or 6 hour drive.  

In the short term there may be some hiccups given what I have heard.

they appreciate, they provide other benefits like passive losses for tax purposes, and in the short term, they don't throw off that elusive passive income.

That is tight leverage for an investment 2nd position loan.A private investor might be willing to do it, it's not going to be cheap at all & will be short-term money & will not be a line of credit to take out at your liking.What is your rate on the 1st?

So, long story short, I would just get an estimate from a firm and go from there.

My plan is to set up a syndication fund with Canadian (and U.S) investors to purchase short-term rental properties in the Puerto Vallarta and Rivera Nayarit area (which is booming).

In short, the previous owner made a deal and sold the house while they were still living for monthly cash payments until they died.  

You might be able to find something in a neighbouring state to the east which is within driving distance.

We have an event this Saturday Feb 12, 2022, you can check out the Bigger Pockets page for it here:https://www.biggerpockets.com/...The group's page on Meetup.com is at:https://www.meetup.com/real-es...There is a $5.00 contribution which you can do in cash at the meeting as well, it doesn't come close to covering the cost of the space but I may be able to get another space shortly. 

There are some very aggressive investors that refi into interest only products to free up even more cash in the short term - this can be much more risky though, so not recommended if you are not very experienced and have large reserves.