It depends on what the property appraises for in 24 months,  if you will be able to get home owner's insurance, if lenders are lending and so on.

Not once has one member ever said the LLC saved them when insurance wouldn’t have. 

(NY counties are generally quite expensive)Do you have home owners insurance to cover fire or other damage?

Should the Owner require the Manager to make unscheduled visits to the property(insurance proposes) above and beyond the duties outlined in this Agreement, a fee of $75 +GST will be charged per visit.Thoughts??

But IRS allows an IRA to be invested in anything except life insurance and collectibles.

-Paying all the taxes, maintenance and insurance-Finding a renter-Worrying and wondering each month if the tenant will pay on time-Fixes/repairs-Other? 

A good manager will handle everything from marketing to maintenance and tenant screening, saving you time and stress.Vendors and LandscapingBuilding a team of dependable vendors—like landscaping companies, contractors, and insurance agents—is critical.

That (and insurance issues) are two big risks.

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?

A good rule of thumb is to have 3-6 months of expenses (mortgage, utilities, insurance, etc.) set aside per property for emergencies.