The older the home and the closer to the city center, the less likely an HOA even exists. 

After inspection/appraisal is done, then you do the Padsplit conversion. 5.

If you prefer to be close to the restaurants, bars and nightclubs, you might be better off in or closer to the town although Tulum isn't that big so you have access to everything from the beach area as well.

.- Most cities do NOT care if an owner lives in basement, but will not allow a tenant to unless baement has legal egress window.3) Check local statutes if any limitations on how many unrelated roommates are allowed.4) Check with local building dept to see if rental inspections and corresponding requirements.5) Local statutes allow locks on bedroom doors?

He's very thorough with this standard inspections and he also offers "investor due diligence" inspections at a reduced rate.

He is really open to giving advice and would even help with inspecting properties we find. 

Garland has rental inspections. 

Other options could look like a property closer to you or in an area you are more familiar with, could be turnkey options with an established company, could be partnering with someone to gain some experience. 

You are closer to Del Rio than Gatlinburg.

And I cease that once I have my REI portfolio closer to the high teens.