As such, you likely want to have LLC registration in that state in order to have the legal protections of the LLC and to be compliant with state law. 

While the offering may be exempt from registration under one or more of the exemptions available (typically general exemption for private offerings), the act of selling a partnership interest to a passive investor itself will result in a much greater likelihood of future litigation than obtaining a loan would.  

If it's possible, would I need to submit 1 or 2 short-term rental registrations?

Thats not the case in most states, the foreign registration is equal to or exceeds the cost to file a domestic entity.

Most states that require license and NMLS registration for 1 to 4 unit loans no matter on the purpose of the loans ( and there are 12 states currently that I know of that require this thats why there really is NO national HML virtually none are licensed in all 50 states even though they advertise that way).

The new rules will go into effect this Spring (2024) and include measures such as registration of vacant housing, inspection requirements to transfer property and the requirement that out of state investors have a "local agent in charge", a representative on the ground in Cleveland to be held accountable for the condition of the property. 

I have to think you did not read that correctly as there is no such thing as LPI for private loans. there are 12 states that require NMLS registration and State licensing for private money/ hard money loans all the other states license not require for commercial purpose non owner occ loans.

You would have to ask around to see who would be willing to that for you and be added as an "emergency" contact for the registration.

The state of investment is TN.The sale of “investments” which includes providing financing either needs to be registered as a security or needs “an exemption” from registration.  

Registre Foncier du Québec This will tell you about anything that has happened to a property Sale, Transmission, Lean, 60 day notice, Expropriation, sub dividing land....Very had to find specific deals in here, you’d need to be lucky to find a 60 day notice, you have to search every address and fall upon it2.