I forgot to mention that if they speak spanish it would be preferred,  not a deal breaker, though.  

We are all fluent in Spanish, and know that immigrants tend to work hard to repay debts, including rent.

Value and synergy are far more important, in my opinion.That said, if you prefer someone locally, @Michael Plaks is right in your backyard.If you're open to working remotely, there are a few of us here on BP who specialize in real estate and work with clients nationwide. 

Property manager will also have to be fluent in Spanish as most of the tenants only speak Spanish.

I speak, read and write Spanish well, so it makes it super easy to facilitate my contractors as most are Spanish speaking in my area.  

In my opinion, value and synergy are more important than location.

@Gilbert Dominguez Spanish Bungalow - rectangular box, flat roof with parapet.

Hi Nik,He may be worried about Tenant Synergy.By Synergy I mean Tenant Mix:Shopping center A has a Big Grocery Store, and a Burger King, and a Pet Smart.Shopping center B has a Storage facility, a Burger King and a Pet Smart.All else being equal, which Burger King will probably have more sales and be more likely to continue with their lease there?

In exchange, he signs a new note and deed of trust with the exact same terms as what is remaining on the CD.Btw, speaking only Spanish in most of Texas is no disadvantage when it comes to buying real property as every title company has Spanish speaking personnel and every major real estate and mortgage broker does as well.  

Interested to hear thoughts on this deal on a 1bd/1.5ba 930 sq ft Spanish colonial condo in sunny Santa Barbara listed for 658k.