I do know that some regions of the US are really popular on the BiggerPockets forum for rental investments, and Columbus seems to be one of them.

i was exploring and saw some of the neighborhoods in kyle, Tx has school ratings like 8 and brand new houses in the range of 300K with potential rents at $2200 per month so overall making them cash flow positive. however, i am not sure why Kyle is a popular place. it is mid way between austin and san antonio but that does not seem to be a strong enough reason. 

I'll break it out for you.Gross Salary: $80,000/yearGross Salary per month: $6,667/monthAfter Tax Salary per month (not including 401k investing (which you should be doing, but I get this is a real estate message board and this concept is not popular): $5,434Purchase Price: $600,000Interest Rate per Calculator: 6.941%Downpayment: 5% or $30,000Financed Amount: $570,000Mortgage: $3,769.67Property Tax: $600Insurance: $125Other Costs (per calculator): $333.33Total Monthly Payment: $4,828/monthAfter Tax Salary - Your New Homes Cost = $5,434 - $4,828 = $606CONGRATULATIONS, you are what is referred to as "house poor." 

Also, the incredibly low interest rates and low yearly property taxes (depending on your location) help a bit on the cash flow end.From my understanding, opportunities exist in different cities in Spain, especially when considering distressed properties outside of inflated metropolitan areas (not to mention the alternative ways of acquiring property like judicial auctions, cash purchases, etc.). 

Alternately, it will greatly improve your negotiating position if you elect to partner with a builder / developer in the area to  actually bring the project out of the ground together.

Alternatively, I could stick with the hard money loan and refinance into a conventional loan later.I would appreciate any suggestions or advice on this decision.

Connectlinx.com is a great alternative!

I’ve been doing a ton of research on it as I’ve been looking at Italy myself so I have been focused on the less densely populated but still very popular travel spots like Tuscany outside of Florence and Sicily though I’m nervous about Sicily and their major drought issues.

Define your target investors: alternative investors, passive income seekers, or industry enthusiasts.

What alternative funding options did you explore?