Rey,The Nigerian entity is a scam.The first question I ask when a foreign investor deals comes my way is, are they in a reputable part of the world? 

If the property is in California, be sure to create a CA LLC, it's expensive but the alternative is to register as a foreign entity and pay the same fee.  

and what restrictions are there exactly for foreigners?

Hi Julio,I can recommend Arik Raiter from First United Management: http://www.firstunitedmanagement.com/They manage over 500 units in Las Vegas, mostly for foreign investors and predominantly single family.

This is the problem as most foreign companies who sell US properties are not ethical.

I myself have received threatening voicemail from individuals with thick foreign accents telling me I owe thousands to IRS.  

Foreign-Exchange Risk - Bought anything in Argentina lately?

All foreign language to me, I'll have to do some research on Terms and Definitions and get back to you, thanks for taking th time to discuss it though

I went with Security National Mortgage for the lending but at a much higher rate as a foreign national investor.  

I currently have a couple liquid foreign investors who's providing me money down on flips.