My boyfriend is a foreign national with an ITIN number, US address, and an AMEX in the USA, but he is not a US citizen, so a lot of the times, he is not offered good loan programs.

@Marc ShinRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

JD manages a team of investor agents who source & underwrite STR deals.

You might want to include clauses that adjust the split based on performance or time invested.Potential Risks:Market volatility: The Georgian real estate market might be subject to fluctuations.Regulatory changes: Laws regarding short-term rentals or foreign ownership could change.Currency risk: Since you're dealing with EUR in a non-EUR country.Overestimation of Airbnb income: Ensure your projections are conservative.Renovation overruns: Both in time and cost.Partner relationship: Ensure all terms are clearly defined in a written agreement.Regarding the 70% rule, remember that this is typically used for fix-and-flip properties in the US market.

You can register any State's LLC in any other state with a foreign Entity Registration with the state you want to do business in.  

Are you using to sites like Listsource and Propstream to source leads?

He says his source at a leading information provider, tells him that their research reports a serious drop in the number of "wholesalers" out there from 90,000 in mid 2022 to about 20,000 now, in fall of 2024.

The cash flow and equity will make you rich in the future and you need other sources of income in those first years so you aren't relying on the cash flow to live off in those early years. 

Yes, there’s upfront risk, but with smart sourcing, furnishing costs can be lowered, and the margins can be better than they seem, especially in high-demand areas.Co-hosting and property management are solid alternatives, but they limit upside.

For myself, I am a high income W2 earner and I currently have FEIE foreign income tax exclusion but at some point I have to be able to return to the USA fully or at least hedge against that possibility.