There is also risk of loss due to lawsuits.

There is always a minimum bid and that is back taxes thru the date of the lawsuit and fees such as interest, penalties and attorney fees. 

If you fail to follow the rules, you may open your personal assets to a lawsuit.

We are thinking of a lawsuit.

Thank you.This has lawsuit written all over it.  

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

Together, this structure will protect you personally from lawsuits, as well as keeping your investment properties isolated should legal problems come up down the road.

Given that, should you ever be involved in a lawsuit in Thailand against Thai individuals or entities, how likely are you to win, even if you're right?

If you fail to follow the rules, you may open your personal assets to a lawsuit.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.