I've developed, use with all my coliving properties, and teach HPM (household-led property management). 

I've lately been working on doing the same in Puerto Vallarta.I'm also working on putting a group of buyers together to do our own developments together with local associates.Have you invested in Mexico yourself?

Or they could never get to the latter, because they never had the beginning characteristics which include the former to develop properly. 

I think development is getting more and more common since we're so undersupplied in housing. 

. - property had TDR trasnferable development rights and can be built 5 stories on it.

You need to pay attention to things like rental demand, upcoming developments, and overall area growth potential.

Develop YOU'RE strategy. 

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

I too got caught up with a very Rich Taiwanese investor and a RE developer in the states..

I specialize in building and flipping properties, focusing on transforming houses into beautiful, functional spaces that create value for buyers and investors alike.With several years of experience in real estate, I’ve developed a strong foundation in market analysis, design, and project management.