You will have to do you due dilegencenkn the rent and condition of the property.

Vacation Home, large 2 story 3/2 in excellent condition in the countryside of Torremendo, 20 minutes from the beach on the west coast of Spain.

I wrote down a address of all of them and jotted down notes about the condition of the outside (bad condition could mean tired, motivated landlords) I looked up on the local assessors' web site the mailing address as well as year purchased.

What will it cost to get it in condition to rent out?

In Calif, it is code to have the water heater strapped to a wall - - and yes, they take pictures and report the condition to ESCROW, not the city.

One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market.

. :)Did you check with your CPA on conditional gifts?

With the location and condition of the property it's a really sweet deal at my price - but with the current rent the net cap rate drops below 9%, where I typically shoot for 12-15% in this sort of area.  

I'm on a mobile device and I don't see any magnifying glass anywhere.  

I provide a complete acquisition and management service, covering the following.Pre-purchase inspections to determine repair/upgrades needed.Coordinating renovations and preventative maintenance.Tenant screening, writing leases, rent collection.Payment processing to vendors for repairs & routine property maintenance such as air conditioning, pest control and lawn care.