Now many escrows will require that the seller sign off on the EMD release, which can be frustrating since most contracts say it should be a unilateral function (buyer automatically gets their EMD back if they cancel within the option period), but if a seller chooses to be a jerk and not sign it, the EMD could be frozen in escrow, so don't use your rent money for it. 

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

However, one nice thing about this community is a one-time cost and it doesn't require additional payments.

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.

That's wonderful.Your state requires 72 hours of Real Estate education. 

As U.S. citizens residing in Europe, we are required by the local tax code to hold the property in our personal name.

The answer will form around what work you are doing that requires permits.  

We always do all health and safety-related items, plus items required to attract our tenant pool.

And even this requires some funds - closing costs on the buy, monthly payments to the seller, and other holding costs, insurance, appraisal on the refi, etc.

@Crystal Wilson Do some states require you need a agent?