Interesting call today from a potential tenant: she lives in Canada and has almost 2 yrs left in her contract and then will be moving back to this area.

Purchase price $65,000Down 25%Loan 15 yrs @ 3.125 (also no closing costs)Rent $900Mortgage $340Taxes $133 per month (taxes kill my numbers)Insurance $50Vacancy $90Repair $90Management $90Cash flow per month $107A couple things to note are that with some updates arv is about 115k.

For purchase prices and average rents you might find this site useful: idealista.comThere are some tax deductions and government subsidies for rentals, recently they started a tax break if you rent to people 18-30 yrs, there are others but I'm not an expert on Spanish taxes... 

I am planning on using creative financing through personal loan (60% sale price) upfront with owner financing the remaining 40% for 10 yrs.

do I need to do anything during the 2.5 yrs till it expires ?

Pretty much my in my 15 yrs of being in construction, the projects always take a little longer and cost a little more in the end.

Break down....Loan Amt 45k (30 yrs)Down Payment 15K (I will have to use a HELOC)Mortgage $256 a monthTaxes and Insurance $200 a monthPayment on HELOC $200 a monthProperty Management 10% of rentThis house should rent from $950-$1000The homes in the area are selling for 100K +I do have 10K in money markets if I needed for expenses, ie, loss of rent, repairs, ect.ANY thoughts, Ideas, help, or just a vote of confidence to help me get into the buy and hold game.

Full disclosure:  I have owned one of their turnkey properties for ~ 2 yrs now.  

sorry i am new to b.p.... i am 29 yrs old n am currently living in a apartment .. i have paid my rent up for my lease which ends feb 11 2014 .. i recently came in to some money around $70,000.. i own my own car and do not have a car note.. i have the money to pay my bills on my apartment until my lease is up with out touching the money i have for real estate investing... this gives me roughly 9 months until i will have to start spending my investment capital on everyday life.. i have already hired a Realtor n have bin researching G.C ... i am currently unemployed n plan on real estate investing full time

Using online county docket searches I found a whole list of 15 lawsuits in 3 counties under both the person's married and maiden names where she was a named defendant myself, going back 20 yrs when she turned 18.