It seems like a reasonable approach, but as you say, we'll have to wait to see what the final version of the law (if it indeed becomes a law) looks like, then figure out if a European corporation with third country investors is a reasonable solution. 

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

How much income do you need, and how much do you want?

Hi @Andy S. 3x monthly rent for income has worked well. 

Virtually everyone lives somewhere especially true for those that pay taxes (in CA property and income tax).  

I'm a small business owner and my partner has a corporate job. 

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

The city where you invest determines all long-term income characteristics.

I've found this to be super helpful: When someone inquires about the property Thank them and Send them the pre-requirements (Income, credit, no evictions) and ask if they meet them.

The Mexican corporation, generally advised if you buy multiple properties, given the higher costs.