Never use an Expense Ratio %-  do a line item forecast. 

After adding those four items back in, it brings the complex to making around $6,500.

With current interest rates, and they are at least 1% higher with potentially additional points for non owner occupied property, it is hard to find properties that will allow for positive cash flow after paying the mortgage, if you are looking for money for the down payment from a private lender, those are normally at higher than market and I am not sure it would be possible to pay it off.... please remember you need to take into account that you may not have a tenant for a certain amount of time, a tenant may stop paying rent, or you will have a big ticket item to fix, so I would wait if I were you and save to have enough for the down payment and closing costs and perhaps some money set aside for repairs. you also want to make sure that you have your own emergency fund outside of the money needed for the investment property because life happens ....

This is a tough time of year to find a tenant, especially in a low income neighborhood where military doesn’t want to rent.

If so, are you concerned about Spain's tax system on worldwide items?

There are two items that you need to completely solve this problem for your rehabs: properly built Design Boards and a Finish Schedule.

The inspections have become so nitpicky over purely cosmetic items there has to be an extra $1-2k per year to keep up with the punch list every 1-2 years.

Then we review the submitted file items and come back with questions or ask for additional documents it is a normal process.

Good summary of what your market is looking for but as we all know, each market tends to have its "wish / want" items which differ from market to market.Flow is definitely a selling point but make adjustments come with a cost. 

I invest in military towns because they're usually lower barrier of entry and healthy economies.