Could you imagine the hell that would wreak on international markets!

. - inferring the brokerage would have direction of what sellers set prices at via internal ai. - Inferring a system of discriminatory practices in who/how/what offers can be presented sellers. 

Be respectful to these people but do not internalize their words.

Quote from @Jon Taylor: @Pete Harper - Section 721 of the Internal Revenue Code allows an investor to exchange property held for investment or business purposes for shares in a Real Estate Investment Trust (REIT) without triggering a taxable event.

Quote from @Hannah Tate: All, I am looking for some advice from anyone who has had experience investing in short term vacation rentals internationally.

Also, keep in mind that some lender may have overlays that are more restrictive than the FNMA/HUD guidelines, meaning the lender's internal condo guidelines require more than FNMA/HUD.

Both domestically and internationally.  

If you're open to exploring international opportunities, I have an exciting real estate project in Dar Bouazza, near Casablanca—an emerging hotspot for residential and vacation properties.

Given your need to avoid personal guarantees and collateral, consider the following institutions:KeyBank: Headquartered in Cleveland, KeyBank offers a range of commercial banking services and has experience with international clients.

SpaceX now has a rocket testing center right outside of Waco, Amazon is currently building a huge distribution center in Waco, and BSR Surf Resort & Cable Park built the #1 wave pool and cable park in the world, making Waco an international surf and wakeboard destination.