I just know that while I don't have a lot of money on my hands right now, I do have a lot of grit.Long term, I'd love to be generating passive income though rentals.

It looks different than most list generators since it claims to have a list of people in my area who have actually signed up on their website specifically saying they have money right now that they are looking for someone to lend to as a real estate investment. 

I would suggest you set up a website also with a nice clean simple landing page to generate leads.Then you can direct your Facebook Ads or Google Adwords campaigns there and it also ads credibility.Twitter and Instagram both have paid marketing tools as well that you can utilize to build an online presence.

I would also evaluate your budget, to save and try to generate more income.

The 2012 incident is of course the most important to look at carefully.You also need to know how police operate in your area if you ever intend to be a landlord in C-class neighborhoods.

I would recommend discussing with an attorney a LLC where you are each 50/50 partners and a strong operating agreement so you both have clearly defined roles and expectations. 

I currently have $120-150k which I would like to divide into 4 properties (30-40k as downpayment on 100-120k homes) that will generate a cash flow of $400 monthly.What are my options as a foreigner? 

If the property generates 11% per year, you get 11%. 13%?

Both my wife and I are in this together, can we operate as a simple sole proprietor structure?

Since it is your equity in the property that is actually "buying" your cash flow as opposed to being generated by the property you are not sacrificing anything by transferring that equity to another property.