The purchase price vs rental income is very healthy (assuming occupancy and collections are there).

@Morgan Reynolds Did you ever get your pitch book built or collect any examples?

Just because one obtains a judgement, doesn’t mean they are able to collect the judgement.  

Also given the fact that its darn near impossible to get any kind of civil judgement executed and collected on in Portugal. 

He could get hit with a significant expense and not have the funds to pay for it because he hasn't collected enough rent income.

If it is in San Diego, it will likely be a sophisticated value add and not passive.So if you house hack a local property at high LTV, recognize it will cost you significantly more than renting a similar unit.  

I think the truth that your post brings is in the level of sophistication and market insights of the investors and investment sponsors that are prevalent on these forums, the amount of money we are talking about, and the general idea that real estate, even when directly owned, is passive in nature.

Also it matters if there is also a lease up fee the PM will collect, look at your agreement. 

Baselane is a banking, bookkeeping, and rent collection tool/service.

There are other towns with much less city intervention and will have much higher chances of collecting higher rents.