It's a pretty straightforward strategy once you know how to  implement it.An additional benefit to the Land Trust in this situation is that it can allow you to use a Series LLC from another state without having to deal with the foreign filing fees involved.

if the foreign money that's been driving up NYC, Vancouver, and Miami dries up what happens to values in those areas?

They show up admitting they are not legal but have a bunch of proof of income, financial reserves, a good rental history and official documentation of identity (but yeah, from a foreign government), and their story backs up, in my honest opinion these are not red flags.Running rental properties is really about risk management.

I personally open LLCs in the state where my rentals are and foreign register them in CA since I live here.

Regardless, if you create an LLC in a state you do not live in, you will have to register as a foreign entity.

Foreign nationals lose a good chuck of their payout. 

So, if you create an LLC in another state, you will likely need to register it as a foreign LLC in California.

So, if you create an LLC in another state, you will likely need to register it as a foreign LLC in California.

And I do believe the dollars days are numbered as the one reserve currency in the world.  

But being in college is a fun time and the responsibility of finances is foreign to a lot of college students (most people I knew weren't working to put themselves through college; those people did exist but most of us were able to study, have fun and enjoy the college experience; I worked when I didn't have class to earn some money but life was simple during that time).