I appreciate your response, Jay.  

Hi Everyone - I asked my Mortgage Broker in Portugal (CAFIMO) about being able to use the BRRR method in Portugal (specifically calling out that we'd buy in cash, improve the home, and then refinance) and here is the response she provided:If you buy it in cash you don’t need to wait for 2 year to get an home equity loan, however you wont be able to get the same Loan to value for this purpose, usually the bank goes to 50% of the property value only.So it looks like like rather than the 70% LTV that's normal in the US, in PT it's 50%.

As already mentioned in the responses above, figuring out your break even point (how many months it will take you) will be important for determining whether to move forward with that or not.  

I agree with Michael Baum: read all the suggestions here: great info.The general theme is, whether it's your cleaner, your handyman or a responsible neighbor, you need willing and able "boots on the ground", eyes on the property and someone local with both common sense and authority to act on your behalf and/or your instructions.My 2 cents,Mike

Plus the gray area between who's responsible for repairs. 

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

Maintaining clear boundaries between landlord and tenant is crucial.

Hey @Mariangela Ciciarelli, Many of our clients invest casually in short-term rentals (STRs) near Disney in Orlando, and while there is potential, extra due diligence is crucial.

I appreciate any and all responses!

Most tax preparers include in their engagement letter that you have ultimate responsibility to what is reported on the return.