Vacation property - they key is good management, and a program in place that meets your needs and wants. Check into that very closely - not just the fees, but possible restrictions on your own use, as well as the level of service and responsiveness of the management company. Also check to see who owns the common area of the project, as this has significant implications long-term.
Belize - if you love it, do it. As with any purchase, don't buy more than you can afford and be sure to have good professional representation when selecting a property and when closing.