Population is exactly the same as it was when I was born and median income has stayed relatively stagnant. 

Scott and we think it will give us a nice head start; however, we would like to adapt what we are learning to the Mexican market.Hope to hear from you soon!

We are very much a "no pay, no stay" state.

(I would try to stay under a 2:1 debt/equity ratio, although this might be tough for new investors).

Depends on how long you plan on staying and what your financials look like.

Stay conservative with 10% for CapEx until you can have the property inspected.  

You will probably have to make ready 90% of these units when some one leaves.After doing my first couple deals I am a strong believer in staying really close to 20 units (or More) at a time give or take a little based on the deal.Remember you need a reserve account, and at the $1000/month you are probably looking at 4-5 months just to build that reserve account. 

@Ryan Chandrapaul You said this is your investment property and you need to stay in propertt for 1 year.

Generally i try and stay away from contracts and deal with straight purchases but given the condition of the house i do not have sufficient funding to buy the house outright.

I'm trying to stay ahead of the process by looking for a reputable and trusted home inspector now.