Hi, see http://www.usa-nra-tax.com/setup.html which addresses this point, you can use a) if your country (see http://www.investor-realestate-accounts.com/wiki/InformationForForeignInvestor) has a tax treaty,  b) if sending W7 with filing, h) if asking for ITIN to obtain mortgage.Caveats apply so let us know what you find.

Money is not my goal here, it's the knowledge I can obtain from those who have experience in this particular field.

Cap rate is a market metric, and has nothing really to do with performance analysis of a specific asset.

My goal is to obtain financial freedom and not feel the need to work a full time job when I am older.

We live in seaside Oregon. Our accountant and attorney is not super savvy in real estate and I just want to make sure we are getting the best advice possible, especially for tax advice/strategies for the future. I wan...

After many conversations and much thought, they agreed to 'test' the waters and turn their home into a rental property.We have since transferred the property into an LLC (Assets protection), cash-out refi  and rehabbed the property.

Markets have firmed up and that's a good thing.. there just is not the distressed inventory that made this much more viable 10 years ago.but that all said its still viable in D class areas and low value asset areas that are underserved by the real estate community.   

As many landlords are, I am cash broke but asset rich.

As my partners are foreign, they will not be able to obtain financing here in the US so the mortgage will be in my personal name.

will not abate the smell of stale urine which will have seeped into your flooring. and last long after the tenant has left.You have held yourself out as a pet friendly landlord and your tenant is trying to do you a solid.This is your asset that is about to become damaged.