You definitely shouldn't have been thrown in the deep end with no support (unless you knew that going in).Your primary questions seem to be around financing.

If the value (Comps) and location are OK & support the price, generally speaking everything else is just a matter of pricing, so that you can take care of any repairs.

The current LTR market actually supports the $10k figure for (3x) remodeled LTRs only steps to the beach, however as was pointed out, who knows what the future holds, especially given potential continued COVID impacts on our island/tourist-driven economy. 

I was suffering from depression from 2013 – 2017, until someone in my support group at the hospital, gave me a wake-up call.

We searched for 5 months before we found good properties with a good group on the ground to support us. 

I think I was supportive, but didn't get excited like he did. 

Double check with your CPA who ultimately will be supporting the position on a tax return.

With each acquisition, make sure you are adding to your reserves to support the property (like Andrew mentioned). 

Rental values in the country seems harder to find tenants and at prices that support the cost of properties3.

The strategy appealed to me because I could do it cheaply, and it was a method my wife supported because we got more room for our family.