If you’re comfortable with the tenant risk and low cash flow in exchange for a solid property in good condition with long-term appreciation potential, then proceeding could make sense, maybe you you can negotiate some concessions?  

You can't compete against the all-inclusives unless you offer complimentary food and booze or you're cheap, as you seem to be confirming.This being said:1) Properties in Mexico/Cancun trade in USD so you have no foreign exchange risk in Mexico while properties in Colombia are traded in COP, the Colombian peso, which has been tanking over the years, eliminating any hope for capital gains for American investors.2) You can get a mortgage in Mexico but you can't in Colombia so even with lower revenue, Cancun would likely still be more profitable, even if you don't take capital gains into account.3) The political risk is much higher in Colombia, especially at this present time.Is Cartagena a bad investment?

For appreciation, Columbus is your best bet.

I exchanged information with them and would stop by their projects for the next month to see their progress.

I am hoping to find an opportunity to help an established Investor with any administrative tasks, social media, or marketing in exchange for a chance to learn.

I was born and raised in Idaho and I would bet my life savings that 9 out of 10 people when faced with an incident where they need to act quickly and correctly with a gun and actually shoot at someone would either a.

I still have faith that using leverage in the multifamily space is a safe bet.

You can bet on where you think the fed funds rate will be with Fed Funds futures contracts, and right now that market has the fed funds rate all the down to 3% by June 2025.

Am I able to 1031 exchange any of the money (the 20% down payment?)  

This is particularly useful if you find a lower-cost property that needs some updates to attract high-quality tenants.Reverse Exchanges and Parking Arrangements: If you spot a great investment opportunity before selling your current property, consider using a reverse exchange.