Cost to build an condo complex is 13000 pesos per m2 with rental grade finishes average building size is 500 m2.

@Kevin Krysty Jr.Depending on what services you provide, the business may or may not be subject to self-employment taxes. 

Have you looked at the population and employment trends?

We've gotten a # of staff from other big places here that were unhappy with how they were being treated - I know they never treated a resident bad at the previous place of employment but I'd get stories of things that other staff there would do which is sometimes why they'd leave among other things.Best of luck to you.

When things go wrong, in the case of an owner-occupant losing employment or having some other financially distressful event, how will this be handled?

@Eric SuessYou may be able to potentially offset rental losses against business income to reduce taxable income.It won't decrease the amount you have to pay in "Self-employment taxes" though.

One bedroom is decent sized, the other two are 9x9 kids rooms with small closets. 

Depending on the size of the budget, and your goals, you will have two very different investment strategies.  

Free money is the best money If your employer matches 4%, 8% or 2% you need to match that number.

Since I'm gainfully employed and have quite a bit of savings I don't qualify.