Major Capex items have been addressed in the past 12 months.

A property manager answers to you every month on a host of items.

Estimate the remaining life span of each item and the cost of repair or replacement.

Costa Rica is very diverse, you have expat community in mountains on the coast in SJO, you have beach communities, etc. and every one of those has its own boxes that need checked.  

Same with utilities and any other shared items.

If you can house hack you will have the best options, if you cannot live in the home then the options general are not very diverse and will vary based on if it's a 1-unit or multi-unit property.  

Personally, I feel this is a good strategy and will add diversity to any portfolio while adding passive income monthly like you mentioned, all while building equity over time with no mortgage!

There’s just no way you’d know the hundreds of different random little items that go into a basic project.

Do you all commonly include an 'Itemized List of Common Deductions from Security Deposit' with the lease agreement?

Then they trudge along and make a few hundred bucks each month, with some big cap ex items jumping in here and there.