Your cousin Brad contacted you because he heard that in Italy there were homes you could buy for only one Euro. He was thinking of investing but there was a catch you had to go over there to fix the property up with some of the buildings not being liveable with missing roofs or missing water pipes. The ownership also didnt transfer for three years and in that time you had to pass the local inspection for habitability. He was potentially interested since he had some money saved but he noticed the homes were all in small towns. He works remotely and doesnt think it will be a problem to be located overseas.

What are the impediments to and risks of taking on this type of real estate investment? Are there any agency costs that you can see in this type of arrangement?