Hi @Aaron Bryson, and fellow BP friends,I am really amazed by your post.I am from Brazil and, although I have been several times to Rio de Janeiro I don't live there (I'm in São Paulo).Before I give my thoughts about your investment I would like to give general data about Brazil (and its real estate market):Yes, it is a great time for foreigners to invest in Brazil.

I have multifamily properties in Philly and Jenkintown in PA + São Paulo in Brazil.

quick review of their site I have the following observations1. pro forma  does not include maintenance and vacancy ( I understand they give a one year rent guarantee  and or you may buy vacancy insurance).

By Pro Forma do you mean the numbers provided by seller?

Or is it Pro Forma?Do

I really know nothing about the rental market in Sao Paulo, Brasil, so I'd have to do my research. 

I'm a new member from sao Paulo, Brazil.

Especially with any underwriting or pro-forma.  Does

The new funds will bring the Chicago-based company’s total invested capital to about $2 billion. “Our enthusiasm for Brazil could not be higher,†Garrabrant, who co-founded Equity International with Zell in 1999, said in a May 18 interview in Sao Paulo. “You’ve got this local demand that’s unparalleled.â€â€œRising incomes among Brazil’s burgeoning middle class will ensure that a cycle of rate increases won’t suppress housing demand,†Garrabrant, 53, said.

I have not been to Uruguay yet but have you ever seen the prices in places like Sao Paulo?