If you run your business in an ethical manner, in compliance with applicable requirements and properly insure yourself and your business entity, the chance of having any real problems should be slim and none.

You need to talk to your tax advisor to determine the best structure for this because you don't want to lose the entire cash flow from the properties to cover your tax compliance fees.  

HiIf you are planning to invest in Greece would strongly recommend to find a good and reliable accountant for your tax compliance (unfortunately not always easy to find) and a lawyer to handle the legal aspect of the purchase.

So all I have to do to get a license in any other state is to pay the money and or do the simple state test I don't have to do the full federal test.Every state is different of course. .With Nevada being a stickler,  I had an opp to do some loans in Vegas and I put a spot on marketplace looking for a broker to do those for me ( nmls compliance)  and someone either turned me in  ( some BP broker from Vegas) or the state was trolling the site.. and I got a nasty gram from the Nevada lending division informing me that to do laons in their state required licensure ..

You need someone on your side to ensure compliance, save money, and provide you with a peace of mind.

Most cities or municipalities have a code compliance section or department.

So far, we have 3 bank examiners or regulators on BP that I know of, one compliance guy and one mortgage servicer having clear knowledge of financial laws, none of the attorneys on BP have commented that much in the financial compliance arena.

I suggest you use the first/second mortgage approach to simplify you life and not create potential compliance issues, especially on a larger note amount.

Also @David B. in order to establish and maintain your Solo 401k plan in compliance with the IRS, you need experienced and knowledgeable service provider, but in addition to that you don't really need any other professional services besides those you mentioned already.

I haven't been in bank compliance as to taxation matters lately, an insured institution could be required in certain matters to carry loans at the UPB, reserves, etc. but you aren't them as an individual note holder.