We are already surrounded on three sides by urban zoned homes.My neighbors and I have been approached by two individuals, one is a neighbor who is a real estate agent, and the other one a friend of a neighbor, who works with a real estate attorney; both individuals asked us to join them in working with the 5-6 developers they have approached.

Each unit is individually owned, with some owners holding multiple units.A few things I’m trying to understand better:Pros and Cons: What are the main benefits and challenges of owning multiple units in a property like this with a condo setup?

Like most things in real estate, a lot depends on the circumstances of the individuals involved and not just the numbers and figures.I hope this helps explain my thoughts, and I apologize for the lack of clarity when I defined "arbitrage".

Just another thought, they do have submeters that can monitor the individual spots and you could charge back the total cost to the tenant if they are assigned spots. 

SFD vs condo vs 2-4 unit, hold vs flip, turnkey vs rehab, passive vs active...it really comes down to each individual property/opportunity, what your goals with the property are, and if the numbers make sense or not.Best of luck!

Develop an extensive email list of “interested parties” and periodically contact them with “soft advertising”.4.

Each unit is individually metered for power and water. 

Your write offs are also not effected, so you can write off miles also as an individual owner.

This is one of the reasons I have felt my investments there are safe: there is so much money there from both domestic and international investors, individual and institutional, that Tulum won't just go away. 

Quote from @Marie Paul: Quote from @Adam Michael Andrews: Working is how society accesses our individual talents and abilities.