Hamlet, I recommend finding an accountant who specializes in real estate taxation over one that is local.

I'm currently a graduate student working on getting my masters in Taxation.

Yes, they do have food stamps and a lot of very regressive taxation which hits the poor more than the wealthy. 

And I'm a tax professional, so I understand the taxation issues.

(e) This section does not apply in determining the contacts or activities that may subject a foreign limited liability company to service of process, taxation, or regulation under the law of this state other than this article.

When you have that much money you want to invest it in something that has some diversity So if you didn’t want one asset a fund or REIT (which is a fund just with different taxation rules) offers you better protection.

I've been looking at properties in Santa Fe with this model in mind and they have a very strict permitting and taxation system.  

I think it's important to play by the rules and don't take issue with taxation (Hawaii, New Mexico, and many other places see great Airbnb & VRBO success with those fees), but if there's a legit way to play around the rules that's something worth looking at too.

And last, but not least: taxes, although I don't know about the double taxation agreement with Canada or the States, in Spain basically you end up paying the bigger rate, so it would be 20/40% (check this for more info) https://en.wikipedia.org/wiki/Taxation_in_the_Repu... plus the USC http://www.revenue.ie/en/tax/usc/ on the incomes, from which you can deduct repairs and many expenses WHILE IS RENTED (not if repairs are made between or to increase its value) and 75% of the interest paid from the mortgage.

Its always great seeing other Irish people :) Your answer is exactly what I was looking for as regards to taxation!