How to structure international deal

[Emilio Ramirez]

Fellow BP'ers looking for advice on how to move forward with the following deal I found while in Panama.

Hotel/Casino Opportunity in Panama
Just got back from Panama and came across a great opportunity for the savy investor.

Offered for sale is the land and approvals for a Hotel / Casino that consists of a 70-story tower building with offices on the left wing and a hotel on the right wing to be built on 3850 m2, about one acre, of land located in the prestigious neighborhood of Costa del Este. This opportunity to buy a Hotel Project in Costa del Este has many exciting characteristics including its location in Panama City, high economic level of the area and its proximity to the International airport. This would be the first casino to be built in this neighborhood, which is huge!!!

The following approvals are in place and have only happened because of the land owners connections with the government.

1 - Pre-building project approved by the office of Municipal Engineering.
2 - Environmental Impact Assessment permits approved.
3 - Approved by the 12-19-08 IPAT investment law that provides for a property tax exemption for 20 years for up to $ 66 million investment projects, in addition to other tax benefits and incentives, which are derived from this approval.
4 - Plans were approved by IPAT for a full casino hotel casino hotel.

Asking price is $20 million (USD).

I have been able to generate some interest from potential investors, but the seller does not want to release any information through email. The next steps they are asking is for the investor to fly down to Panama for a round table discussion during which, NCND will be signed, compensation negotiated, etc. Basically I'll show you mine if you show me yours. I have never put together a deal like this so looking for any kind of advice you can put forward. Is this typical of a large international transaction? I know that as a REI, I would want to see lots of documentation first that the project is real, prior to flying all the way to Panama. On the other hand, it would seem to be in my best interest to be present in Panama during any negotiations so that I do not lose my interest. What would you recommend for me to protect my interest in this deal? How much should I push the seller to release documentation for investors? I've partnered with a Real Estate Agent in Panama who is my only contact with the project. What kind of contract do we need between each other? I see a million ways this deal could not happen and a million more where I lose my interest in the deal. How can I make it happen and keep my interest?

Thanks,

Emilio