As far as I know, your assumptions about the tax implications are correct for non residents, it was one of the main factors that stopped the idea of investing in Spain for me.

., the 2006 or 2009 IECC — International Energy Conservation Code).Cost Considerations for a 90-unit or 112-unit Project:The actual cost of qualifying for the 45L tax credit depends on various factors, including:Energy Efficiency Compliance: The primary cost will come from ensuring that each unit meets the required energy efficiency standards, which typically involve energy modeling, certification from third-party energy raters, and potentially upgrading insulation, HVAC systems, windows, and other components of the building to meet the necessary performance levels.Energy Modeling: Typically, you'll need to pay for an energy consultant or engineer to model the building's energy performance and ensure it qualifies for the credit.

Recently, a lot of the market factors that kept people away, are the same that are drawing attention.

Look at factors like proximity to jobs, schools, transportation hubs, etc.

To do this, they have a team consisting of an inspector, a makelaar, and renovation professionals.However, as Ken M. mentioned, having someone trustworthy there to manage everything would also be a key factor.

Focus on factors like affordability, growth potential, demand, and landlord-friendly regulations to guide your decision.Good luck!

That said, if you have $50k and want to invest out of state, that puts your realistic budget at $150-175k...maybe even a bit less after you factor in closing costs, make ready expenses, and reserves.

Does that factor in both the mortgage, taxes and maintenance? 

I have a lengthy Legal Opinion, from my seasoned Legal Team regarding this matter.There are several important factors, when thinking about proposing Seller Financing.

What occupancy percentage and turnover cost did you factor in?