Tom,
I'd almost forgotten about this forum. I've been travelling right up to beyond Christmas. Now I've made over 20 posts on the forum, so I guess it's fair to talk about my Fuerteventura opportunity. We finished 2007 with 29 apartments controlled on a complex of 288 apartments.

2008 is the year we want to take control of the management of the community and set about improving the common areas. I'm still procuring these apartments for under €50K, and obtaining bank mortgages of €58K for clients (subject to bank acceptance criteria). After all the Spanish costs, the bottom line is that you deposit £5K per apartment in a UK company, and after completion, you get €800 in your Spanish bank account, and £2,700 of your £5,000 deposit returned to you in the UK for a net investment of around £1,700 per apartment.

The apartments are let all year round to local workers. With the 116% mortgage, they cash flow negative at around €70 per month when let, but the objective is to create forced appreciation by repairing the community common areas and uplifting the value by around €20,000 within two years. Bank valuations are currently €80K, and when the community is run properly, will be close to €100K. Current discount to valuation is around 40%.