Regarding the location of the Qualified Intermediary (QI), it doesn't matter whether they are based in New Jersey, Florida, or elsewhere.

We are based of course in one of the most expensive places to live yay to that.

I am unsure if I could purchase a property through an LLC/SL based in Spain and what would be the taxation using this system.

Since I'm based in Tampa, I don't look outside and compare markets. 

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.

I don't remember the exact cost when I did it but I remember thinking it was cheaper than expected.I didn't see a comment mentioning that you should just include utilities in the rent and increase it based off that so I'll be that guy.

South and South East is less expensive, but you're not going to get the appreciation and my impression is it's not as good a tenant base.

But they are more stable because their share price is based on quarterly asset valuation which is not going to drop 40-50% in one month as the others did in March'20.  

In my experience, these are also referred to as "QM" and "Non-QM" loans ("QM" = Qualifying Mortgage)And as consumer mortgages, these loans are generally issued under the person's name with the underwriting based primarily on the borrower's DTI (Debt to Income) ratio.

If a single-family owner-occupied property is worth $400,000 - I wouldn't invest more than $280,000 (70%) in a note secured by the property.ITV takes priority over desired yield - so even if the note discounts to $350,000 based on desired yield, the investor still won't go beyond their maximum ITV.