@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

Meaning, the bank wants to see that a property cash flows for typically one to two years of tax returns before they count it as income. 

The price point for a positive cash flowing single family house rental is typically 120-180k purchase price here so I am sure you'll be able to scale very quickly here with the capital you're working with.

Just curious, what is a typical LTV I can draw up to with a HELOC on primary and investment property? 

we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

Spreads between conventional loans are typically 100-150 bps of the loan amount.

What's a typical down payment for commercial multifamily?

Typically, higher income areas have lower crime, more amenities, better schools.  

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.

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in.