However, I wouldn't spend money simply to create a loss (spending a dollar to save 25 cents in taxes doesn't make sense). 

According to the calculator on here, I can get a 10% ROI per year on each condo I buy and rent.

These days I checked several threats in this nice Bigger Pockets forum and found several people have already asked about investments in Costa Rica.I know how real estate investing is done in the U.S. and I also know, that you can't use the same approaches and strategies 1:1 for Costa Rica (some strategies just don't work here).In Costa Rica I am specialized in high-yield investment deals (8%+) in the San José area and also in high-end luxury properties with great ocean views and good rental income potential in luxury tourism.One of my projects right now is providing a larger investor client/partner of mine with 8%+ yield p.a. real estate investment deals (in the 200k asking price area per unit) in great neighborhoods in growth zones in and around San José.

I have calculated an extra net gain of about $10-15k per flip, if I run my own crews.

It would not surprise me if many of these houses are rental houses.The challenge you will have is that houses in this neighborhood sell for about $60 per square foot and the cost of new construction is significantly higher. 

The right property with a price tag just under $1mil including renovations can do $250k-$300k in gross rents per year. 

Soon is defined as 5 years or less.So assuming that’s the case your best bet will be high yield savings account (ally bank is around 1.75 percent I think) or a money market account

As far as I'm concerned a rental doesn't have an "intrinsic value" per se.

I run insurance at $800 + $200 per unit, just for a conservative estimate.

I put about 4k into it and it now rents for $800 per month cashing flowing nicely with interest only payments ARV 75k #4, 3 plex rental with long term tenants in place that I also picked up through the MLS.