Then find a real player with an established buyers list in your area, and adopt THEM.

He brings the world’s most beautiful and luxurious vacation property, second homes and retirement destinations world wide within reach of the everyday investor and family through education, large volume purchasing power, a strong knowledgeable team and empowers average people to invest with confidence in international real estate.

You do have to register but California taxes you on your worldwide income, not just "California source income."

I think the best way to address your inquiry is to provide you a review I did concerning the major players in the Crowdfunding Real Estate marketplace.

I work for a company who employs about 43K or more employees worldwide.

Many go to work every day taking care of their clients and doing the best job they can.A good real estate agent is similar in nature to a conductor of a symphony, coordinating the different players to make a successful transaction a reality.

CA taxes residents on worldwide income but may provide a credit for taxes paid to other states.

I assume both players have access to favorable debt, but if someone can purchase at a 5 cap, and finance the majority of the purchase with long term debt between 3-4%, the equity yields are actually reasonable and should grow (even modestly) over time.I am not sure if this answers the question, but I think what both groups are doing probably makes a ton of sense in satisfying the goals of their investors. 

@Mike Moles @Adam Negri is a TREMENDOUS real estate agent (broker actually I think), who just so happens to also be a solid player in the fix 'n flip business as well as long term buy and holds.

Foreigners are still a relatively small player in most cities in the US (except NYC and some areas in SF and LA) so the domestic buyer remains critical to prevent a potential correction in the US real estate market.