Keep in mind that you can always get exposure to foreign real estate as an asset class, via REITs or other passive instruments, without dealing directly with language barriers, time zones, logistical issues (14+ hour flight), etc. 

So, the first thing I would do is look up the title to the home and see if the security instrument is still valid.

The security instrument which you were granted into the property, was this a first lien?

A Lease Option in Texas is not a very good idea if the lease is for more than 6 months (even if they are separate instruments).  

But, with a thorough understanding of notes as an instrument -- including the legal, finance and math concepts behind them -- you could figure out hundreds of effective ways to structure notes.What is more valuable long-term -- three or four ways?

Reminds me when the music industry was going after sites like Limewire and Bearshare back in the day because they provided an instrument for people to illegally share their copyrighted music.

The enforcement of the security instrument and note for the loan can result in a foreclosure auction, where the bank still does not own the property but causes the property to be sold.

Any notes or mortgage security instruments recorded, that are not the usual bank mortgage?

I would rather keep them in cash of some liquid stable instrument than roth IRA.

Not completely related, but after reading this carefully, is it safe to assume that if the LLC was to own bonds, debt instruments, dividend generating stocks or was to generate capital gains via selling appreciated assets (e.g.: stocks), the revenues made from those instruments wouldn't qualify for the 20% deduction?