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In response to the original question. I did have a property in England, which I bought while living there (in 1988), and renovated. Cost was GBP 50K - value two tears after (including reno) was GBP40K. Needless to say, I did not sell then. But the big problem I found at the time was that...

Not my understanding, though could be wrong... If you had two properties overseas, in two different countries, and one made a profit, and one did not, it's my understanding that the loss on one could be offset against the profits on the other property However, you could not 1. Offset...