A detailed floor plan of the property is also required.TOT (Transient Occupancy Tax)This is what lodging tax is called in California.

No W2, tax returns etc.

Normally, on my taxes, I try to break even or make a little profit BEFORE applying depreciation to the property.I recently applied for my 6th mortgage, and the loan officer significantly lowered my buying power because he looked at all of my properties as losing money. 

I know I will be taxed higher on income and it will be harder for me to find financing.

Plus taxes and insurance of $20000+ X 10 years= $200000You will need a $1,010,000 loan at 77% loan to value of $1,300,000 to pay them in full.You will need a FICO of 720 and $27000 monthly income assuming you don't have credit cards or car loans... assuming Jumbo loans are qualified similar to how it works today.

I’ve qualified as real estate professional since 2021 and just found a potentially good opportunity to acquire a property in Mexico that would make for either a solid STR and/or eventually our forever home.I’m completely new to acquiring a foreign property- how to finance, what purchase process looks like, how foreign STR is taxed, does real estate professional status matter, etc. 

Tell them they pay attorney fees $7000, notary fees $400 for two people two locations, recording fees $100, any title or taxes it will slow down the desire to make changes. 

Any other tax strategist referral?

@John FongCalifornia is generally more cumbersome than other states when it comes to taxes and filings.

Now you are looking to buy a property that may be overvalued or have to pay taxes to not do the 1031.Better is to get all important docs in the LOI stage prior to locking selections so you can feel good about the one or ones you plan on closing on.