My husband and I bought a beach lot in Argentina (Pina Mar) a few years ago. It is definitely a place to purchase since real estate is so affordable for Americans. Though, do keep in mind that real estate is sold in U.S. dollars, so you will not be able to take advantage of the 3 for 1 dollar exchange rate.
Anyway, depending on what you want to purchase, and how much you want to spend, it can get complicated. Obviously, your best bet is cash, so if you can take out against any current U.S. equity you might have, that is the easiest way as far as payment down in Argentina.
Also, even if you pay cash, there are some title complications that can occur. My husband is an Argentina citizen, and even he had some issues since he lives abroad.
If you'd like to email, I'm happy to get into more detail with you.