Which one is appropriate for different situations? 

What subject to invokes is entrepreneurial risk; the thing all real estate investors live with in an attempt to grow our assets, and gain a financial “free” lifestyle.  

@Lisa GoodingI recommend finding a tax strategist that specializes in real estate taxation and is also a fee-only financial planner.

This is definitely not a route I would ever take investing in a situation/location like this.

You probably just see more deals, more unusual situations, more opportunities. 

I'm exploring financial options in Japan, but if it's not too much trouble, I'd also like to hear more details about why it's less than likely, if not even impossible, to create a fund or receiving investments to purchase oversea properties.

And two or three financial publications then produce articles utilizing this unsubstantiated patently ridiculous claim as fact.

Hey Andrew, leveraging your existing financial strengths and experience in pooling resources for investment like commercial syndication, you could consider building a diversified real estate portfolio focused on out-of-state single-family homes in growing markets or smaller multi-family units like duplexes or triplexes.

With our rural site situated midway between the DFW Metroplex & Austin off I-35 with easy access from San Antonio & Houston as well as cross-country travelers and even international visitors from Europe, Canada, Australia & Israel, drawing guests was NOT a problem. 

Does anyone have recommendations or thoughts on approaching this situation for ease of management and tax efficiency?