My vote is option one.  

I know there are a lot of options, especially since they are family and willing to carry the loan. 

Feel free to reach out, I'm happy to chat and discuss options :) 

Today I had a heater issue and snow company that was late handling commercial before residential so we ended up clearing it.Open to each option.

As you get to this point your gaining more confidence in the options because you know option A and B had a certain outcome that wasn't option C, and this would give you more confidence you're doing the right thing for you.From there, I would be identifying properties to acquire if you don't already have some in mind and then my next sheet is creating the plan.

The condo will limit the rental options to age restrictions. 

However, if you want long-term stability and predictable payments, refinancing might be a better option, especially for larger projects.

As others have suggested, you could get a conventional or FHA loan if you want lower down payment options.

Bear in mind that the fiscal treatment of the two options in Mexico is different (withholding tax on the gross income with the fideicomiso vs cost deductions with the corporation).

Account Closed a PMC has two options to get liability insurance (tenant slip & fall) protection:1) Get added to owner's policy as Additionally Insured (NOT named insured).2) Setup a master commercial policy and add every property they manage to it and then charge those owners the cost of the policy.Otherwise, a PMC CANNOT get liability coverage on a property they have no ownership interest in.So, nothing wrong with their request.