Originally, the entire price of the academy would be refunded if you invested with RTR, but from what I can tell that has now dropped from 100% to only 90% refund (not sure why they dropped it so shortly after launching).

I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. 

I would stop short of saying I found the inflection point of optimality and being pragmatic. 

Shortly after finding that my note was separated from the mortgage and sold to Fannie Mae I started doing some digging and came across this very info you're mentioning.

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?

Some a short-term loan can also help you with DSCR loans with fewer regs and guidelines making your loan process much simpler.

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.  

In the short term, it will be more painful though.Personally, I'm not a fan of enabling bad tenant behavior and in life you get what you tolerate.