Having foreign investors for a fund is not fun - accounting / admin nightmare.

Here they are -Foreign home purchases dropped considerably in some recent years (for example, U.S. residential purchases by foreign buyers fell ~21 % from April 2023 to March 2024).

Property appreciation in most investable areas remains flat.When you invest abroad, you must look at the local currency.

-Mexico citizen, born and raised in Colorado, and over the past few years I’ve been actively investing in Mexican real estate — mostly in presale condos and long-term or vacation rental markets like Guadalajara, Cancún, and Lake Chapala.I originally started by looking for affordable, well-located properties for personal use, but as I dug deeper, I realized there were real opportunities for long-term appreciation, rental income, and geographic diversification — often with as little as $20–30k down.The process isn’t as complicated as people think, but there are definitely key things to understand, including:How foreigners can legally own property in Mexico (especially in restricted zones like the coast),How presale contracts and developer relationships work,What kinds of rental strategies are viable in different markets (Airbnb, mid-term, or traditional long-term),Currency and exchange rate considerations, title safety, and banking between the U.S. and Mexico.One major advantage of presale in Mexico is that many developers offer in-house, interest-free financing during construction, allowing buyers to spread out payments over 24–36 months — without involving a bank or mortgage process.

Thus it will both hold its value versus the U.S. currency which has to get deflated by either inflation or currency printing.  

(and it has our living trust as a member)I registered the Ohio LLC in California as foreign entity because, evidently, I'm doing business in CA.

There are DSCR loan for foreign nationals.

If the chemical composition and quantity cannot change, what changes is the denominator or the exchange rate of the currency. 

If you form in your home state but buy in IN/IL/WI, you’ll still have to register as a foreign LLC in each property state (double fees/compliance). 

@Josh Ball mentions, there are issues with foreign investors but, nowadays, it's not necessarily on the tax front anymore.