Tips and resources for US citizens looking at buying/owning property outside the US?

[Richard Young]

Hi There-

Any US citizens out there that own property in a foreign country (and operating it as a rental)?  I am looking at some opportunities in Spain, but want to understand what all the ins and outs of foreign ownership entail.  There are probably lots of legal and tax items that come into play that should be aware of before jumping into this.  

I would love to hear from people who are US citizens and actually own foreign property.  Experiences good and especially bad would be appreciated.

Thanks!

Rich