:-pI don't think it would be worth it, personally, unless your end goal was to relocate to Spain.

Have had it happen in personal houses before, it was usually due to humidity in cities with high, high humidity. 

Anyway the point on the land basis is if you have a very low basis you have just now subjected your land equity to ordinary income and market risks on top of it.Plus personal risk on the loan if it goes bad do you have the money to pay the first off if you need to.  

My personal motivations and limitations have made me not consider turnkey, flipping and house hacking. 

I personally want to get the highest appraisal possible.

This has been the case for me personally.

Have watched people bail in a downturn and give it all back then watch prices skyrocket with their old properties becoming worth millions.

While 8% is pretty hard to come by for the average person, there are plenty of other options in the 2-3% cashback range for all purchases.

Thank you for sharing on such a personal subject.

There is no shortage of renters out here and Section 8 is my personal favorite for my own properties.