Something will come up that you do not understand or do not have to knowledge to deal with.

2) Accountant - Has anyone found a decent accountant with knowledge of REI here in Portugal?

You have excellent advice here from some people who didn't just get their knowledge of investing through a low rate, real estate risk off period.

With all the measures they have, it's never been an issue to my knowledge and the neighbors would let me know in no uncertain terms, as they had a poorly managed STR in the neighborhood previously. 

Quote from @Noel Coleman: I walked a property today for a flip with a contractor who I really liked and he seemed like he is really knowledgeable.

Any knowledge or expertise in this area is greatly appreciated!!

Best of luck with selecting your market—there's a wealth of knowledge and supportive investors here to help guide you along the way.

If you buy in a vacation area there really is no safety net other than desirability/location…I guess just don’t pay up too much.  

If you’re referring to the “newbies” with $10k to their name that watch a video by Pace and get excited and pay for joining, go out with their last $5k and do a sub to with a “desperate” homeowner without revealing all the possible consequences (because they are unaware of the consequences through lack of experience and lack of knowledge and or choose not to inform the seller) then I agree, it’s probably going to turn out badly for all concerned.If on the other hand you’re referring to a seasoned investor with excellent credit, significant cash reserves, who wants to add a property to their portfolio without going through loan qualifying, and can pay enough to give the seller “walking away” money because of the low existing interest rates and or, and is dealing with a informed seller, then I find nothing wrong or negative about the transaction.  

A Seller financing agreement possibly may not even contain the DOS depending on if an knowledgeable attorney was involved.