When you are investing in these lower income markets, you may have more issues with "cash paying" vs subsidized.

LOL  Do homeowners who get work done have that many issues, too?

That would mean that every other lender has already missed it...which might be possible I guess.Hope that makes a little more sense as to what the issue is.

You will have a higher risk running into DTI issue that route as well.

The issue and opportunity for us is that in the past Belize government had problems with the contractors getting paid and not finishing.

I.e. a gas water heater at a certain age will get replaced while a property is vacant (or when they first acquire it) rather than waiting for it to fail and cause damage/tenant issues.

Insurance (homeowners and umbrella) is good to have, but a backup to this if insurance coverage was denied or the issue was not fully covered would be a limited liability vehicle.

I would first ask if the seller has had any of these inspections/reports done.I would also contact the city to see if they have inspected the property, or issued any violations.If everything there is square, great.If not, I would put the property under contract-- then do the inspections.

However, there are many issues that need to be reviewed to determine if this is possible and what alterations will be required to comply with code and zoning.

Cap rate is ~15%, but we want to build a portfolio as we continue learning so we are trying to get our cash back out.Our key issue is that we purchased the home and did the rehab in cash, and we are now struggling to find methods to get our cash back out.