You can still qualify so long as you have verifiable income.

However, does that include people who wouldn’t qualify?

Does he qualify on his own?

By the time a property is formally put up for sale in a town that size the locals have know it was going to be sold and had their chance at it.

Where is the form?  All

An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

Do you have an idea of the long-term rental amount, and would that be sufficient to meet the DSCR ratio needed to qualify for the loan?

We manage 275 residential properties with the majority of those in Sherman/Denison so I feel uniquely qualified to chime in.Generally speaking, 3 to 4 bedrooms are the most popular and for a new build, they will lease anwhere between $1600 - $2200 depending on the area, size and amenities.

The rules are more complicated than your one sentence, and even Tom did not have the time to explain all of them on his podcast. 500 hours is one way to qualify for material  participation, and there are other ways.

Yes, Spain is one of the countries in which banks will lend to non-residents (they generally don't) but Spanish banks are much more conservative than US banks so it's more difficult to qualify, especially if you don't earn W2 income.