However, I saw enough that I believe that the information available is so imperfect and subject to interpretation that large losses would be an inevitable part of the program, as well as large gains.  

So I do want to clarify a few things about how my property is furnished that I assumed was implied, but my potential MTR does have the following: - Washer/Dryer- 75 inch mounted TV - Fridge/Microwave - Kitchen Appliances (silverware, pots/pans, soap dispensers, coffee maker, cutting boards, etc) - Multiple large mirrors on walls, fake plants around the home, living room carpet/coffee table in additon to couch. - Full office with a desk and a deskchar plus filing cabinet. - Bathroom towels, hair dryer, soap, toilettires, etc. - Grill in the backyard.

But it could also be a coffee shop or an etsy store and the cash flow goes into real estate.

They'll be your guide through the process and you'll have no issues.And since we're talking international here's a big shout out to @CoffeeSlutGuam - the most uniquely named coffee bar on the Island of Guam. 

As others stated, if the existing structure is legal but non-confirming that should not be an issue.

Does the new partner want to spend six months of the year in two of the units with their family or would they rather it purely be an investment.

I would echo what others have said - 100% start locally because you need to gain an appreciation for what it means to be an investor, understand the lifecycle of a deal and be on the ground to observe what's going on with renovations etc.

Hi Frank, I am in Ericeira, it would be great to meet up for a coffee sometime in Maffra if that is your area?

Topography could be an issue.  

Ex: $400K loan at 3% $500K sale price = $100K down paymentCan be an amazing strategy!!