I believe foreign investors are exempt from the accredited investor rules US investors must follow. 

I think you're ready to purchase a tax-deed the major down-fall is that too many foreign investors and small capital groups come in and buy the best properties near or above market value....There's a bunch of posts on tax-deeds its just you have to spend sometime  learning how to title examine (this is a key skill you will have to learn).1/2) These properties are being "foreclosed" by the local government - in general its state specific for instance in FL it is true they can be redeemed until the second before sale however after you're pretty much done for (however if its a valuable property and any of the previous owners in the chain of title have a bit of cash to throw around you'll be forced to defend yourself in court which can be pretty expensive).

Most of it is foreign investors.

Just heard on NPR interviewing Ali Velshia) Surplus of apartments in NYCb) Pullback of foreign investorsc) 5% price decline avg sales price, 17% decline in salesd) Increase in inventory discuss?

My main question is why did you get a 2nd LLC and not just foreign qualify the existing one unless you wanted to protect them from each other? 

You must then file two (2) state income tax returns plus pay the foreign entity costs of doing business in Illinois.

You need to research that Florida is maybe the best for taxes.Don't forget the foreign entity tax return due when you set up your business entity in another state.

@Mindy Jensen Thank you for your reply, I asked because I am under the impression that foreign rental income is still taxed as part of your income in the US.

Finally, if you're indeed living in Malta, there're additional complications of being a foreign investor.

The standard deduction is generally not available to nonresident aliens, unless there is a tax treaty between the US and the foreign country that says otherwise.