Unless there is a strong thesis as to why these markets will appreciate its a losing formula. 

Don't get your hopes up of recovering that money.

That means that even at $150/mo cash flow, you're just one association fee increase (or special assessment) away from losing money every month!

I’m newer to real estate investing, hoping to buy one of my first properties in the next month or two.

I hope this is helpful.  

Anyway given the huge amount of supply coming up in the area, you can’t afford a bad location or « bad » property if you want to get rented on a sustainable basis in my humble opinion.I would only get something like that if I wanted to use the property for myself only and want to be on the middle of nowhere.Hope this helps and sorry if I involuntarily poop the party but, at the risk of repeating myself from previous posts you can’t expect to buy by anything in Tulum and make or not lose money.

I hope it all works out, and let us know what you end up doing 😃

The property is a great deal so I'm hoping to refi down the road in the event interest rates come down to a reasonable value, then maybe repay most of the personal loan at that time.

As I understand it you still have to keep the electric bill in your name and hope to be reimbursed and hope they don't argue with the amount you say they owe So much better to just have seperate meters and let them pay their own bill to the utility company.

I feel like if you're paying a PM another 10%, I'd hope they weren't allowing almost a month vacant every year.