The challenges can be the currency exchange rate and the withholding taxes on rental income and sale proceeds by the IRS. 

What process would a foreign lender have to go through in order to private lend in the U.S.?

thanks @Dave Currence and @Carl Carlson@John Geldert thanks to you as well.

A lot to uneducated foreign investors on the local markets.

Low interest rates + influx of investment capital from foreign sources have really compressed cap rates.  

If your attorney is telling you to form 2 LLCs at this point, and also to have the LLCs formed in a different state than the properties, he is costing you extra money in taxes and fees for no real reason.When you have a LLC in one state, but operate in another, it's a "foreign entity" and you get to pay some extra fees for that.

We are one of the top investment states in the country for local,out of state, and foreign investors.GA is slated to grow by about another 5 million people or so over the next decade. 

Since the property is going to be in Florida you will need a Florida LLC (if not then you have to register your Texas llc as a “foreign llc” and would be double paying). 

There are a lot of foreign students coming to university there and is 10 km away from a geothermal amusement park where people spend there vacation. 

Unlike Mexico - there are places in CR foreigners can outright own beach front property in their own name.