But you will need some good capital and reserves unless you have a very trusted boots on the ground partner that can help you out.

If so, you have to see what capital you have to deploy and whether or not it makes sense.

Capital gains realized by nonresidents on the sale of Portuguese property are taxed at a flat rate of 28%.

My second sheet would start with the amount of capital you have to deploy.

Even if I am to not be taking home the lion's share of initial deals, I'd like to still be building some capital for future dealings.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

After doing research on the market (see above noted indicators) and creating an investor deck (mainly to prove to  myself as the main capital provider.

I also wouldnt let your mom go into 2nd position on an investment property with any sort of restructuring; it doenst sound like she's in a position to risk being wiped out.Overall, though, if you want cashflow on the new property but cant achieve that after a refi into a market rate loan, it probably makes more sense to just flip it, pay off your heloc and your mom, and use the remaining capital for the next deal.

The combination of high costs and the after-repair value (ARV) frequently leads me to conclude that buying a new rental property is a better use of capital.