I have both an s-corp to manage and LLCs to own my larger multi's - but had a plan and purpose and specific asset in mind prior to establishing.  

Ok, now that you have taken your initial step, below are some quick links to get engaged. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

You must take risks, but, ensure that they are calculated risks.Below are some links to get you started. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/ubghttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPockets25 Tips for Real Estate SuccessLastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

although it goes against logic, the high commission is because of the high demand. the same situation exists in Boston, agents have to know their commission will be worth the amount of work they invest with a client. and like new york, with a majority of buyers being wealthy you can establish a high going-rate because you won't lose business. sorry if I didn't explain that all to well, hope that helps!

Our GC is also a RE investor and has valuable suggestions on certain products to use in our rentals (flooring etc).We are using a well established professional property management company that is locally owned and operated.

I'm not sure how realistic it is to expect a realtor to be able to help with that (repair values) but having accurate comp sales and rentals for a property is paramount to establishing a property's value and well within reasonable expectations.I look back 6 months (no more) and look at what has sold and also what is listed for sale (both sales and rentals).

When we establish minimum requirements for screening new tenants, it is to reduce the chance that a tenant will be a problem and to reduce the chance they will default in paying their rent.

Line of credit could be made after the LLC. is established but you should be able to document the $35k in the personal account and just transfer the necessary amount before closing.  

I am looking for something like 60 to 80 square meter around areas such as Eixample or Gracia which might not be the most upcoming area as they are already well established but it should not be to difficult to rent it in the other hand.As being totally newbie I am looking at everything that it is important before jumping.      

@ankit    yea, a good friend of mine has an established realtor in that area that specializes in buy and hold properties.