As far as taxes go, selling it to you or on the MLS is still selling the property.If the owner includes it in their Trust, it can typically be inherited tax free if it is not sold.To buy the property, I would probably go for a lease option which is not counted as a sale, so no taxes are due.

Do you feel like it is worth it? 

The USA is still the best country in the world for investing (and freedom) and I really have been around.In my opinion, for what it's worth, leaving the USA to invest in Spain would be like leaving a great party to go to a wake!

Look for lenders with experience working with Canadians and who understand the unique challenges and requirements involved.Consult with Canadian Banks: While you mentioned that Canadian banks have strict stipulations, it's still worth consulting with them to explore your options.

Totally agree  to me the risk of getting a bummer after flying all the way from the west coast to Paris or anywhere across a pond is simply not worth it other than maybe a wine tour group to Tuscany etc..

If this is a true investment property, you would typically need a 15% down payment minimum anyway. 

I personally did not feel it was worth the 9,700 plus that I spent.  

I don't know what kind of insurance you have but it must be pretty lousy if you only have $4k worth of water damage protection.

A couple other types that may be worth looking into1.

Would it be worth it to offer a gym membership as an amenity?