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?

Your primary has an incredibly low interest rate, and your rental (I hope) is getting positive CF, which means your tenant is paying it off for you. 

And you are looking at an interest rate around 7% instead of over 10%. 

Shared housing provides affordable, flexible rental options for young professionals, remote workers, and students.As shown above, co-living properties have more demand than traditional two-bedroom units and appeal to a wider tenant base.2.

That said, I am near the beach, and have a higher nightly rate at my 5 bed/ 5 bath house. 

Rates are high right now and I think you have a great situation here for you.

Locations that are a 0-1 hour car ride from san juan to a nice town/city with more affordable areas walking distance to the beach would be interesting as well. 

Interest rates were what, near 3%, 5 years ago.

as helocs go for around 10% and the new rate could be 7% on the cashout refi.

It's much more affordable (you can get the $100 annual version instead of $300 per month like Appfolio).