I started looking at the area about 8 years ago after my dad mentioned it.

So, as previously mentioned, the rules can be changed at the developer's whim.

Then when someone mentions it you call it a red heading and say it has has nothing to do with it. 

Assuming the ARV you mentioned is accurate, at 75% LTV you'd be able to pull enough equity to cover your existing payoff, refi costs and walk away with a good chunk of cash in your pocket.

As mentioned above this will catch up to you and bite you. 

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

What some people on BP don't seem to understand is to stop making the assumption that everyone is not working their best at thisif you have to provide negative comments or any sort of negativity when providing advice, then advice or recommendations shouldn't be your fortéAs i mentioned before.

As you mentioned, if by the time I reside in Spain, it'd all be taxed through the Spanish tax system, it would have serious tax implications.  

Someone mentioned licensing above.

I've also seen DSCR mentioned on more than one occasion in the forums.