Your question is a taxation question and the short answer is that pretty much every cent you spend paying the PM to manage your property is an expense that will be written off on your taxes.

The LLC owners are actually just my husband and myself, so it's all pass-through taxation. 

Ali, I don't think the structure or citizenship status have any relationships, the only issues is the aspect of taxation, pay here then in your home country.

@Bruce GardnerYou may be overthinking the fundamental concept of taxation: there is only one tax on the business profit.

Exact rules and fees differ wildly from state to state.Attorneys often suggest that the legal protection of "foreign" LLCs is weaker than that of "native" LLCs - which also depends on the state and should be discussed with an attorney familiar with the state law.As to taxes, some states do have state taxation for businesses, and others don't.

Structures I have been looking at include LLC and LLP, however each have their own tax and liability implications to a non-US resident.I understand that both structures provide a flow-through taxation, avoiding the double taxation of a C-Corp.

If so, there are 20+ accountants on this site that specialize in real estate taxation. 

The full value of a Solo 401(k) may be invested into real estate, and this will be the better platform if you are considering leverage, as a Solo 401(k) is not subject to UDFI taxation on the debt-financed income associated with such transactions and an IRA is.  

I have enjoyed the "passive income" nature of rentals so I have to account for the extra taxation when doing new construction.Steve, you are exactly right in terms of ROI when the amount gets bigger.  

When a qualifying principal residence is sold, up to $250K capital gain per taxpayer that is due to appreciation can be excluded from taxation.