From my understanding, your child could buy property/ hold mortgage for you to live in.

This would be to get an idea of the layout of the bedrooms/bathrooms and other living spaces.5.  

Many in single LLC though do it in a way to make their lives simple, For Example 123 Main St LLC  etc.

Live and learn.  

I live in South Florida and it's basically cooked down here so I have been scouring my state and found fairly promising properties under or around 250k but it's 5 hours away from where I live?!

Unless you live there and are up for it, you’re going to need to find a great property manager. 

For example, I bought my house 10 years ago at auction and have rented it out and lived conservatively there is only 100,000 left on the note.

I STILL live at home and my parents are urging me to get out of the house but I don’t want to make a big financial mistake and purchase something out of emotion.

I'm planning on purchasing a duplex down there and renting out one side while living in the other!

Construction loans are available in Mexico but its a complicated and very expensive process.As a developer, I find and buy the land, plan and obtain all the permits, recruit a general contractor, market and sell the condos to investors who either use them for part time living or list them on AirBanB.