@Eric TeleseWe got hit by the same snowstorm way too early and I can’t wait to go back to Playa del Carmen next month to see how the construction of several properties that I bought there is going.

The area is very desirable, it's like the Orange County of the city. 

That cuts out me having to go back and renegotiate when some dufus of an agent doesnt know how to make sure the property appraises.

@Rob BarryIf you decide to go the Birmingham portfolio route, give me shout.

Not sure that's the best route for us to go but I guess it works for some. 

I think I am going to to go forward with the purchase! 

Very often I meet real estate investors who chose to go with a $200 tax return filing accountant who costed them thousands and tens of thousands of dollars in mistakes like miscalculated depreciation, missed deductions, miscalculation of capital gains when selling the property and so on.I understand you don't want accounting fees to eat all of your profits, but I simply encourage to factor what you're getting from your accountant, weigh it against the price and find the combination that works for you.

A sage attorney gave me this advice when I asked the same question - People that skip out on rent generally have nothing to lose and no assets to go after. 

I am interested in managing the property myself but that leads to its own hassle, but oddly the reason I want to go into landlording.

Hard money lenders will not give you money up front to go buy an auction property because they don't get to inspect it.Cash is cash in the bank.Most auctions are cash only.Some auctions will allow for a short window of closing on a loan.