What are the visa & residency requirements in Lake Chapala?

"In order to live in Lake Chapala, visitors must obtain a visa and a residence permit within 180 days of arriving in Mexico. The process of applying for a visa starts with obtaining the entry visa from the Mexican consulate in the visitor's home country. Depending on the country of origin, visitors may be able to use this visa for up to 180 days, or may need to extend the visa prior to its expiration. Once the visa is approved, the visitor must then apply for a residence permit in Mexico. Applicants will need to provide various documents, including a proof of home address, a valid passport, and evidence that the applicant has sufficient financial resources to cover their stay in Mexico. After the documents have been reviewed and approved, the applicant will be given a residence permit," mentioned another expat when asked about moving to Lake Chapala, Mexico.