Investment Advice: Buying Condos for Rental Income

Hi:

I am considering moving to the Philippines (maybe near Dumaguete). I'm retired but underfunded so I need to generate some income from the funds I have available.

I don't expect to have any visa problems as I'm a dual British / Canadian Citizen, male and over 50. Currently I'm living in Chiang Mai, Thailand, and have a Retirement Visa (or extension for those pesky annoying people who believe the term RV is incorrect). Unfortunately the political problems here have succeeded in driving many people away and the vacancy rate is ridiculous. As elections aren't scheduled for a least another year, and dozens of countries have Thailand on their "don't travel" list, I suspect the vacancy rate will not improve for the foreseeable future. Thus buying condos here seems imprudent.

So... I was thinking of buying 5 x 800,000P condos and renting them. I am aware there are overheads and I expect to net about 70% of the combined rental income. That will represent the bulk of my living expenses, but not all. Over the decades I will sell them off, one by one, ensuring a decent standard of living.

I'll also buy one other condo which I hope to rent out and use that rental income to pay my own rent so I can live in a house. I do not want to buy land and I see this as a way I can move around if I am unhappy with my current home.

Any, and all, advice is welcome.

Thanks, eh!