We're also able to evaluate our rates, and keep pace with inflation, on a monthly and quarterly basis because of shorter term leases. and whats the downside?

The USD right now might be on the expensive side, and even if you find the cheapest forex broker or service (which btw I've worked with many and I really like TW), there is always potential for downside if / when you eventually want to repatriate capital...Un saludo!

The main “downside” is you pay a fairly substantial premium for this.

The prices on small multi families are such that the rents can support commercial debt coverage ratios that local banks are willing to lend on.There are also professional management options available.Of course there are downsides.

What are the downsides to managing for someone else?

I believe you are planning for a problem-free path of landlord-ship, and while many properties will give problem-free rentals for years, yours sounds like it has more downsides than upsides.You're dealing with a condo, which might have HOA restrictions on rentals. 

Considering where rates are today, as long as you have 20-30% equity in the property to protect you from the downside of the market, I would imagine it makes more sense to expand your portfolio. 

The benefit is they make it easy for you as far as getting everything aligned, but of course the downside is they take a bigger cut.

Downside is you will have to hire a team to keep it 100% presentable and outshine the competition.

The operator has an uphill battle to win though since rental arbitrage has a negative reputation, partly due to all the bad operators out there trying to make a quick buck.Now I have a horror story to share that illustrates the down side, maybe the worst case scenario, with doing rental arbitrage.