You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

if you do it incorrectly, many jurisdictions will classify the primary as rent controlled (which I believe is not applying the law as intended).  

Your state laws control, but the loss value to the materials will be based on fair market value.

Doing that will eliminate part of the hassle but I assume you're aware that you will likely make much less money than with US LTRs and that the laws are much more tenant friendly than anywhere in the US.I know Valencia quite well with the perspective of a North American (and European) as I was going to invest in STRs there after the Costa del Sol but, sadly, they've banned STRs there so I had to reconsider.

@Kenneth Tiedemann you can use personal account, just be sure to follow your state and local laws about security deposits.If you're parents are living in the home with the tenants, then they are also exempt from most Fair Housing requirements, but you should look into them anyways.You'll want a good lease to protect your parents and to be able to evict if/when necessary.Check their home insurance policy as it probably needs at least a rider to cover renting.

Rather than go to a law firm, does anyone have experience utilizing Angel List or similar platforms for legal documents, fund management, etc?

Ensure that it complies with federal, state, and local housing laws.

They have landlord-friendly laws, which is always a plus.Jacksonville, FL: Another option in Florida with a strong rental market and potentially better deals.Gainesville, FL: Similar to Tallahassee with a strong student rental market but might offer different opportunities.Connecting with local investors and real estate agents can give you more insight into whether Tallahassee fits your investment goals.

Even if your error was one that made the lease ambiguous, most states have laws that favor the party that did NOT write the contract (lease).Since your error was not even ambiguous, I don't see how you could fight it.

Please let me know if my math and my plan are missing out some important laws/rules that I haven't heard of.