I am from North Idaho, and have been a licensed Real Estate agent for a year now.

Sounds like you're in great shape to dive into the real estate world.  

When were are in a hot market we require a previewing questionnaire with 5 questions based around the application process - credit, income, pets, etc.

Most markets the physical vacancy is 5-10%, good chance you can find it by googling and seeing what the average is.

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

Now it's a long term rental with under market rent which still nets 40% annual cash on cash return.

I'm living and doing my research for the past 7 months for the Madrid market (and the area around it) - will be great do discuss with some members here and share our experience, toughs, etc.It will also be great to discuss the current market situation and share the news - do you think it is still a good time to get into the market?

Alternatively, if there is a real estate agent/ Agency that anyone recommends, please let me know.  

I am trying to create a system around the transactions itself from writing the contract, coordinating title, marketing the property, to exactly who needs to be contacted and when...to me thats the only way to scale!

Multiple sub contractors with multiple separate contracts are not allowed..Repairs/Improvements must be completed by licensed contractor(s) as required by local/state municipalitiesRepairs cannot be completed by a related or interested party (i.e. relative, real estate agent, seller, broker, etc.)Borrower selects contractorContingency ReservesMinimum 10% is required.