If the soil underneath still has further potential for settlement, the jacking will only be a temporary fix.

I have my money diversified between my Thrift Savings Plan (maxing out), investments with my in-laws construction business overseas, an S&P 500 SPDR, and a healthy savings.

Even if it isn't a full month's rent, you still need a healthy enough deposit to encourage the tenant to take care of the place. 

But after looking at the numbers carefully, having family there to help out and knowing the language (although it is not a must), I decided it was worth a shot.My main motivations are:- Generating income in Euros (hedging against dollar value fluctuations)- 2% fixed / 15 years mortgage (1.4% for owner occupied) - healthy leverage considering current inflation around 2%- I chose an area with a low price point (not Paris, but cities with $30k to 50k/unit) with higher risks but working with much smaller numbers ($100k for 3 units in France vs $1M for 3 units around Seattle).

Once the Market Analysis or BPO is completed you will be able to determine if the project is feasible-  and if it is, then you and your Project team can complete the Predevelopment Phase that will include architectural drawings, site plan, elevations, construction estimates, soils and environmental testing, just to  list a few. 

Stucco itself isn’t the problem, but it isn’t all that great of a choice given the soils and climate for Houston.

You can buy a property that won't qualify for conventional/FHA loans due to the condition on a significant discount (because of the lack of demand for such a property) rehab it, rent it, and refinance it back to a healthy return on investment.

Key for me is using zero of my own money in the end and still having a healthy net.  

In other words, it would have to have a very healthy equity cushion, like 40% for me to consider keeping it and it would have to be in a better neighborhood/area.

@Mark Vejnar & @Mike Hanneman San Antonio is notorious for Expansive Soil, if I see cracks, or doors that swing as if acted on by gravity, I think foundation.