With its vibrant economy, attractive real estate market, and numerous incentives, Portugal offers a wealth of opportunities for savvy investors like you.Portugal's thriving economy, strategic location, and business-friendly environment make it an appealing choice for investors seeking diversification and long-term growth.

Who cares about diversification if it is a credit worthy tenant.

When done correctly you minimize tax liability, maximize diversification, maximize appreciation, maximize portfolio growth and maintain a stable cash flow with occasional large infusions.Unless, I am missing something?

At the end of the day, it's all about diversification of portfolio and minimizing risk in order to seek the best returns and building wealth.

Diversification is good but I prefer to invest in assets I understand, which is real estate. 

Local investments allow for closer supervision, while nationwide investments can offer diversification and access to potentially more lucrative markets.

If you are patient and willing to wait for a bigger payoff, multifamily and development would make sense, or a combination of both - diversification is important.Also for cash flow - perhaps you should look into participating in deals that are debt structure versus equity - many of these deals are still offering 10%+ guaranteed COC annually - catch is that you don't get the tax benefits or benefit from the upside, you're just a lender.

Risk analysis is a paramount factor in any and every investing, and this situation stands very clear as diversification is the key safety mechanism too lowering risk exposure. 

If you are just looking to add security and diversification to your stock portfolio and not give yourself another job you may want to consider passive opportunities in syndications.

Since you already own a likely high appreciating asset (your condo), a cash flowing rental property in the less expensive areas you describe could be a nice diversification.