Let me guess, RH, REDS , ALL S Monument ? 

So if you had 20 of them, you're talking about a huge retirement kicker that you can build.If you're up there higher in age (i.e. 40's or 50's), then the long play doesn't make as much sense. 

Wade returns for non performing notes has tightened and is now in high teens low 20's.

Dave NA ,Non LLC and non corporation husband-wife holders of rental properties do not have to file a partnership return; They can file Schedule E.The problems comes if it is held by an LLC(Two-member) in a non-community property state.For the management activities I would still recommend using an S-election or C-corp if applicable.

If electing S Corp status, pay yourself a reasonable salary to avoid IRS scrutiny.To be honest with you, you don't need any kind of Corp for tax savings unless you reach a certain amount of net income.

You would really want to do your own due diligence and probably fly to the market(s) you'd like to invest in.

If that country is part of the Hague Convention, a local official can handle the signing and attach an Apostille authenticating the document(s).

MN #'s seem accurate to me.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.