@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance. 

This would typically occur only if you are over extended.  

I know these lines of credit are typically variable rate and interest only but when I am buying deals with 20-25% equity that are new construction and cashflow around $500/mo with this loan option, I feel like I have hedged against those risks fairly well.

This approach allows you to have a legal presence in the country, which is often necessary for investing there if you don’t live in Spain.Having a virtual office in Spain through your LLC could help you access local tax benefits and deductions, such as expenses for mortgage interest, repairs, and insurance, which non-residents typically cannot claim.It’s worth consulting with a tax or legal advisor familiar with both the US and Spanish systems to ensure compliance and take full advantage of this option.

I use standard market PM rates in my underwriting, but I also would not work for those rates but it is fair compensation for the work.I typically use vacancy of 5% not because I have ever had a unit that had that high vacancy but I do not have a no payment category and I want the underwriting to be conservativeon the opposite, your rate is a bit high and your appreciation rate and rent growth are modest.overall, seems like a decent attempt at an analysis.  

Also, there’s much to delve into on of those scenarios, like what type of cashflow or investment do you want, etc. residential, multi-res, small multi-res, commercial, industrial, etc.There seems to be fewer deals around these days and this typically benefits the more experienced and skilled investors but there are always multiple investors that get “tripped-up” in these markets due to them relying on recent “fortunate” market circumstances only to realize the markets cycle and they weren’t prepared or didn’t underwrite properly to account for unforeseen potential.There are more considerations, but this is a start.

Yes it needs a closet and a point of egress to be considered a bedroom, and more bedrooms typically equal higher appraised value.  

Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

Most of our Members are baffled, typically saying: "How could they allow one of THEIR Tenants to be even ONE month behind?"

It is a great deal for the silent investor as they typically make 50% - 100% COC in less than a year.