And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

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?

You would expect a clean title at close so if there is some issue, then either it would be resolved by the seller or the deal would fall through.

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

It may be easy to rectify, maybe not, depends on your jurisdiction, the issues involved and the City's stance. 

Lastly more to my point - I thought you worked for a MF syndication in the past that I was not sure but wanted to mention and that you are not just someone coming off the street having never been involved in a deal (unlike a lot of others).  

We're in a small town so we ask our bank loan officer who is involved in the community for a CPA reference.

I think it speaks volumes regarding your care to the situation the heir is involved in.

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

This allows you to test all the systems and the people involved.