My question is - if I wanted to take a loan out against that property to pay debt I owe in a different country and buy an investment property in a different country:1. would I be taxed on it? 

Also factor in the stress of doing a rehab / finding a deal as well as the stable income (as long as you know you have good tenants right now). 

However, I talked to my realtor who got started in real estate via room rentals and he shared that as a 'border income' situation you actually have more rights than a traditional landlord.

@Dimitris VainasHi DimitriI’m a swallow traveling from South Africa and wanting invest in Greece rental income opportunities.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

the property was tired, needed revitalizing and had huge upside equity & income potential How did you find this deal and how did you negotiate it?

Do you want to be in a place of population and job growth or one with decreasing jobs and population.Do you look at things like average credit scores or % of income spent on rent?

Prospective homeowners, consider property taxes when budgeting for your home.

They used a combination of the rental income, my W2 income and my credit to qualify.  

Then later find out in underwriting that the loan officer did not calculate income correctly or used rents that do not qualify.You want to ask to see the math to see how are they running the approval it’s not just income, and rents it’s also what are the annual taxes and annual home owners insurance they are using to qualify.