Babylon, if you look at something like this (the project, not the less than truthful show) then you need a number of things.
1. To know the area well, future infrastructure, local life etc.
2. Have a reliable person on the gound.
3. Know that when you renovate and sell on you won't get hit with CGT.
4. Have the ability to spend a full month on the project allowing for builders to miss days due to inclement weather, non-arrival of materials, unforeseen delays etc.
It can be done, but as Marie says, not in every case and I've yet to see a stone house on the beach with clean papers for anything under €100,000.l