I do not think that we are being “cheap” by any means.

@Jeff CostaI have an attorney in PA that can review but they are not cheap (but very good)

So they'll sell it for cheap anyway (not full retail) and then pay the 6% on top of that.

I've been in Lisbon for around 4 years - initially travelling between London and Lisbon before settling.  

I have lived in both places but if comparing price and travel time I don't know which one to decide on.

Are they an executive, an employee on 6-month business travel, etc.?

Sounds like a cool idea though...the only place I've seen them is outside the US on Travel channels and such.

In order to harness as much of the effects that add to your net worth you want to buy as many assets as you can, and as much quality as you can afford.It is very tempting to go into cheap neighborhoods, but especially with the old housing stock we have in the Midwest capex will exceed cash flow over time and you are not building equity.Consider your first deal a proof of concept.

Are there public right of ways that are your responsibility and frequently traveled by guests or passersby?

Just some food for thought for those who invest in mortgage notes and think buying seconds cheap gets you in the business at a low barrier to entry  - it is cheap until you have to reinstate or payoff a first lien.