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.  

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.

Including for unique cases for Foreign National loans.  

@Judd CampbellThe rentals are located in the US, so the income is not considered foreign income.

So one way to change incomes is ERASE foreign nations competitive advantage in sectors, better known as TERIFFS.

Further, you’ve never even mentioned using third party foreign asset protection trusts domiciled in Nevis in your post which shows you’re withholding information vital to success in the note business.  

The U.S. market is certainly a different market from Australia but can be very lucrative even for us as foreign investors. 

Hello allMy name is Steve and I’m a foreign investor looking to invest in Jacksonville, FL.Me and my partner started our business January this year and it is our goal to make our first flip by the end of this year. 

. -- A license is not required for:(4) an agent of a licensed real estate broker or of an owner of real estate while managing or leasing that real estate for the real estate broker or owner;Attorney P's interpretation - Therefore, property owners can directly hire non-real estate brokers to manage their rental properties.Attorney P's Recommendations - You can either file as a foreign entity doing business in MD or start a new business in MD.