He wears pants from Banana Republic, drives a 4 year old Prius and drinks $40 bottles of wine.

People who have licenses say you should get a license and pure investors that say to save the money.  

As for laws, well those vary just about everywhere you go, though at least Madrid is working on cohesive federal regulation for short-term rentals (whereas that will never happen in the States), but I completely agree with your point on the good deals in high-crime ghettos angle - the concept of "ghetto" as it is in the States just does NOT exist in Spain, and personally I find that a much easier thing to work with in terms of identifying path-of-progress opportunities.Our company offers a few different things, but right now we're working on rebuilding our property management division on the Costa del Sol, targeting purely vacation and short-term rentals (we sold this division last year when we got a tempting offer and knew that pending regulation was going to greatly shift the marketplace).

LOLPeople keep sucking down the koolade and drinking the stuff.Today the small multifamily stuff under 100 units in great areas for great cap rates is a Unicorn and 1 in a 1,000.

Him drinking a lot and hauling out a lot of bottles doesn't pose a risk and is none of your business.Being a noisy neighbor is a problem.

@Adam L. if this was purely an investment ROI decision to be made, by all means sell as it would come off as a thin deal in terms of cashflow, but I hear you place another type of ROI, the emotional type....to you this is much more than just a financial  ROI decision.

I know there's quite a few people waiting on the sidelines for something to happen (something negative) but those people are purely guessing. 

There are so many good options for food and drinks both in Asheville and the surrounding towns. 

Can barely believe it was my drink back in HS.

Thats my main reason for going into a bigger market vs the pure beach town(Like a Destin/PCB).