Or finally, you can lease up and stabilize the asset.Every location is different, and the optionality of having multiple exit strategies allows you to adapt to the market, remain agile and achieve the maximum return on investment for every deal.Even when conditions are favorable, prioritize a proactive approach to due diligence and mitigate risk by structuring the purchase agreements so you only close with full entitlement approval.

@Micah Hensley, I'm just shooting in the dark here but it sounds like you're prioritizing drive time and convenience over the investment perhaps?  

This degree of safety is why I'm bullish on the city and on the state in general, "Narcos" are not welcome here and the benefits of that are showing in every facet of life here.Yucatan state is projected to be #1 in Mexico for real estate development volume in 2023, with a heavy emphasis on the city of Merida.

This is a health/safety issue--do not skimp here.Think about this:  people are working from home. 

As others have said, I think you should prioritize based on where you are able to get the best deal. 

During due diligence I asked for an electrician to certify safety.  

I would add that if this was a safety concern you can always just call the local police to do a welfare check.  

@Alex Smith In my experience sellers have been willing to upgrade electrical issues or discount the price to cover the cost because it is a safety/insurability issue and one that most buyers are going to ask for.

This will help you avoid overspending and keep your costs under control.Prioritize repairs: Focus on the most important repairs and updates first, such as structural issues, plumbing and electrical work, and safety hazards.

Also some co-ops are rentable after you have lived there for a few years so I would prioritize one of those to leave yourself the most flexibility.