The key factors that may raise audit risk are discrepancies in reported income, excessive deductions that appear out of line with your income level, or unusually complex transactions.

Based on the 1% rule, this doesn’t seem to make sense.However, the city and area we live in retain property value because of the schools, community, and location.

I got a good deal on the house, but do not want to invest in it if I would be out of compliance with renting regulations.

He has hard money loans on the house that he cannot pay off.

Each Scope of Work (SOW) is unique to each property, as the specific needs of each flip vary widely based on the property’s condition, location, and target buyer.

So outsourcing some degree of property mgmt would be a must... but the deal won't work paying a local property manager a large % of my revenue...Instead, I would set up my "boots on the ground" (cleaners, handyman), and would need an offshore virtual assistant to manage guests and coordination of my local team. 

I'm up to date on Portugal's various STR restrictions.  

And most of the drain lines as well.

The latter will typically cost you more, as there are two sets of closing costs and the front side will pass their cost on to you, so you pay twice essentially.

Feel free to reach out and can give some recommendations on agents and PMs here in the market.