BTW: Merganser congrats on your purchase. El Cantil is a great spot with great views. Decent restaurant on property. Can walk to town. Full time on-site management company.
Another thing: Technically if your house is in a trust it cannot be rented. If it's a corporation it cannot be used as a residence.
Really.....didn't know that. Well maybe, sorta, could of heard a rumour about that......
There was a major story recently in Por Esto about gringos renting houses here without corportions and not paying taxes. The article had a picture of the Cozumel property rental page from a popular travel site and was talking about how the hammer is getting ready to fall soon. Some people say that there is no instrument available for paying taxes on rentals. This is because the tax is paid through your local corporation (S.A. de C.V.). Any foreign endeavor that is for profit must be incorporated, then you recieve your tax identification number. You are also required to use a local Mexican accountant. I personally know 2 people who have lost homes over this. One of them lost two homes and was deported.
Just a little more FYI: Hacienda (Mex IRS) understands that a lot of people were/are unaware of the rules and they are offering partial amnesty to foreigners that have document problems whereby if you turn yourself in they will cut you a ton of slack on any back taxes and getting your docs in order. If you don't turn yourself in by a certain date (unknown to me-sorry) then they say the penalties could be severe. I had a minor document problem, turned myself in and they were very cool to me about it. I had a $5k (USD) penalty and they reduced it to $1k. You might rent and never get caught, but you might consider the consequences otherwise.