Good points, however I think that the assumption that people are running out and buying things purely because they meet a rule-of-thumb metric such as 50%/2%/etc may be a little harsh.

In a wealth-centered culture, we’d use the right words, and strive to be owners, not minority co-owners.It is sad that so many of us have yet to know the joy and freedom of being debt-free.

People who have licenses say you should get a license and pure investors that say to save the money.  

As for laws, well those vary just about everywhere you go, though at least Madrid is working on cohesive federal regulation for short-term rentals (whereas that will never happen in the States), but I completely agree with your point on the good deals in high-crime ghettos angle - the concept of "ghetto" as it is in the States just does NOT exist in Spain, and personally I find that a much easier thing to work with in terms of identifying path-of-progress opportunities.Our company offers a few different things, but right now we're working on rebuilding our property management division on the Costa del Sol, targeting purely vacation and short-term rentals (we sold this division last year when we got a tempting offer and knew that pending regulation was going to greatly shift the marketplace).

@Adam L. if this was purely an investment ROI decision to be made, by all means sell as it would come off as a thin deal in terms of cashflow, but I hear you place another type of ROI, the emotional type....to you this is much more than just a financial  ROI decision.

I know there's quite a few people waiting on the sidelines for something to happen (something negative) but those people are purely guessing. 

In my eyes it's purely a high risk/high reward market.

@Joy Scher @Brock Dowis- If you're still looking for an attorney these are things my firm can assist with.  

Thats my main reason for going into a bigger market vs the pure beach town(Like a Destin/PCB).

We also buy pure rentals that we rent out too from day one.