PG's are worthless those that have PGs that are worth anything dont need gap funding they have the cash.this is a play for folks you know well .. not for internet facebook BP etc.. people that do this do it because they know you like you trust you and think your a good operator.Public has to many other choices that are much safer bet.. its not always about ROI with those with money..

If you have deep pockets, I think Austin will eventually reward you, but if you are a newbie in real estate looking to cash flow positive day one or shortly thereafter, Austin is probably not your best bet in TEXAS.  

I'm 25k out of pocket for permits and clearing.I bet the pre-permitted 10 contiguous lots on the river would appraise for at least 150k.Am i being overly optimistic?

Best Buy also seems like a strong bet, but they only sell single-game machines.

The re-vitalization of Flagler st by Moishe Mana, the big bets billionaire Ken Griffin is making on this city, brightline train, the Beckham soccer stadium will be ready for N America World cup 2026, the double decker hwy $840M Signature bridge connecting downtown miami and miami beach and the 30 acre park underneath it. 

Appreciation: Are you primarily looking for immediate cash flow (rental income exceeding expenses) or are you betting on long-term appreciation?

Your best bet since your working on your capital are going to be to use low money down hard-money lender.

I haven't seen any statistics to this effect and I don't think any has necessarily been compiled but I bet I wouldn't exaggerate if I state that 95% of the value of real estate in Southern Spain or at least the province of Andalucia is in the Costa del Sol.

If you have a lease with this tenant that allows them the dogs, you can still say they are in violation of the lease, I'll bet, by something in the lease that says they aren't to bother the neighbors or cause any disturbances, etc.

As a rental, tenants will likely prioritize the location over minor inconveniences.Your strategy of betting on appreciation and eventually pulling equity makes a lot of sense in this market.