Once you have that value then you can figure out whether the costs to redevelop are worth the effort.

We have a decent amount of cash to be able to invest so I'm trying to figure out what kinds of investment strategies local RE experts in Spain are doing.

Quote from @Parker Bullard: I'm looking to purchase my first investment property and need help figuring out a strategy that will work for me.

Often, it will also need work.So, that is causing investors to lower their standards and buy Class C & D rentals.Problem is, most investors apply Class A assumptions to these Class C/D properties - and then blame everyone else when they don't get their "expected" results.Check out copy & paste info below for more dtails:------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Figured there would be a few data points left out of the equation' that I would need to circle back with :) .There are additional units not rented at this time which could be rented to increase the income.

Any thoughts on how to figure out the JV? 

It took a lot of testing to figure out how to optimize my text messaging campaigns, and now I can do it without any issues.If the process is frustrating, please do not give up on it because you can position yourself as the sole investor solution to many homeowners in your market.

I’m interested in the property but trying to figure out what’s the best recourse in obtaining it.

You want some time to figure out your operations, get experience, and get good management in place before scaling. 

You should now figure out how to find more STR opportunities.