MB's calculator is a great tool, and also a very dangerous one if you dont know how to use it or are not familiar with how to use excel at a medium+ level.

My concern is doing the cash out refi on my other rental and causing a new and much higher payment on it that I can't just pay off like a loan.

These and 1000 other questions or concerns or issues that to me are potentially of vital importance to your purchase, your investment, your resale and exit strategy for the future.Real Estate is a team sport. 

It is an interesting but dangerous precedent.I view this as potentially very dangerous. 

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

I’ve had concerns about the crime rates so I’m trying to only buy in the better sides of town.

The concern here is the financing.

Another concern is after the two years, I still wouldn’t be lendable for most properties in my markets due to that lack of income. 

Their concern is more than valid.

I lived in Madrid, Spain for about 8 months and I am curious if it is possible for non-residents to successfully have rental properties within the country.My concern is mostly from a tax standpoint and whether it makes sense.My research shows that Non-residents of Spain(but a resident of Europe) pay a flat rate of 19% on NET RENTAL INCOME.Non-residents of Spain(Not a resident of Europe, such as the USA) pay a flat rate of 24% on GROSS RENTAL INCOME.The difference of paying tax on Net and Gross is huge.Americans are not able to deduct expenses such as mortgage interest, taxes, insurance, cleaning, repairs, etcA pro that I can think about when it comes to invest in Spain is that overall costs are less - Mortgage rates are currently around 4% - 4.5% while it is around 6.5% - 7% in the US.Am I reading the tax law correctly?