Steps for a foreign investor to buy in the US?

[Michael Wentzel]

Hello friends,

Once again I am leaning on the experience of those on BP who have gone before me.

I am working with a friend from the Netherlands who would like to purchase their first investment rental property in the US. We are guessing around $50,000 (cash purchase) for a house that will rent for about $750. They will probably purchase in the market I know best.

So we have been diggering around online and trying to figure out the process. Here is my rough draft...

1) Setup an LLC in Colorado owned by my Dutch friend

2) Get a tax number for the LLC

3) Setup a bank account for the LLC

4) Transfer the cash from the Netherlands to the LLC bank account

5) Find a property and make an offer from the LLC

6) Give POA to an "agent" to close on the property

7) Sign an agreement with a property management company

What am I missing? I am sure there is a lot.

I would love to have a CPA and lawyer who have walked through this before. Any recommendations?

I am doing this for a friend of mine, but currently live overseas and might setup a business to coach foreigner investors to buy US real estate.

Mike