I may not have explained myself clearly, so I apologize if there was any confusion.You are absolutely right that to carry out tangible commercial activities in Spain, such as real estate projects, it is necessary to establish an SL (Sociedad Limitada).

Case in point, years ago we used Olympic paints from Lowes, which were carried for a long time.

Then he recommends sending a letter from his desk.

One solution I’ve seen is closing the purchase in cash, then securing the HELOC afterward, though this carries more risk.

If you are on cash accounting, yes you could do that.On the other hand, you are ignoring carry-forward losses. 

I'm guessing you got the same letter I received from REVA, although mine was in reference to a different DST - Reva One. 

Rising property values help, but make sure the numbers work with high carrying costs.BRRRR: Great strategy if you can still find properties below market value.

He didn't have to do that...you're carrying him). 

Maybe you can call your insurance agent and they could possibly whip up a letter or something.

These loans are quick and align well with your goal of selling within the year...just watch for carrying costs.For Home 2, the $210K mortgage complicates things a bit, but it’s not a dealbreaker.