Like in the US, it isn't one size fits all in Mexico.

This can make it challenging to find a property that meets your investment criteria and fits within your budget.Don't give up.

I'm wondering which is a better fit for a cost segregation.

I do like the property it seems to fit my numbers. 

Picanco is free to invest his money as he sees fit, and best of luck to him, of course.

And how does it fit into the picture of creative real estate financing?

In our practice, any property 6-units or greater in size is evaluated (cost vs benefit) for fitness to be sub-metered.Once you sub-meter the water, you can hold tenants accountable for their consumption.  

I can tell you how I account for these things but I am sure that my method is just one of several solutions that may fit your circumstances.First, repairs fix things that are broken.  

Maybe we have something that would fit your goals.

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.