In your situation, if you are an accredited investor, you could invest while living overseas easily. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

If you are this close to the border or cost you need to purchase through a corporation or through a bank trust (Fideicomiso - Think of this trust to be similar to an inheritance trust or a living family trust in the US.)At all times you are the legal owner of the property, the best way to see it is as a permit or license that allows you to purchase, use, enjoy, rent, renovate, inherit, etc. a property in this zone.

Maybe you or your wife have a friend who could benefit from a lower cost of living.

He was calling to report that he has repeatedly found his roommate watching adult videos on the TV in their shared living room, and more recently walked in on him in a similar state in their shared kitchen.I'm unsure of how to approach this one.

Once the remodel is done and tenants are living on site, what do lenders look for when refinancing to a 15 yr loan?

We will even sit down and do an in person interview where I will answer all of your questions live.

Students are willing to live in tight spaces, so the investors would divide new properties into small bedrooms.  

@Samuel Metcalf- sounds like you have a FHA loan as  PMI is permanent in most FHA loans ....I would ask  the bank that holds the loan for  refinance  options and then shop around to see if there are  any refinance options that  make sense ...if not - live with the loan you have  but be  ready to refinance  when rates drop 

Inject yourself into the neighborhood and pretend you live there.