Both properties are owned by the MD LLC, which registered as a foreign entity in SC.I feel like when I finish these two rehabs I'll be qualified to write a book about what not to do when investing in real estate.

In addition to Mathews suggestions above, My suggestion would be to open a US bank account immediately, as some loans for foreign nationals require 6 or in some cases 12 months reserves in order to get a loan.

., deposit the funds in a foreign bank) you may have additional information reporting for that as well. 

You don't have to operate with Officers, you can be a Sole LLC or LLP (Limited Liability Partnership).Taxation is defaulted as pass-thru, but you can opt to be taxed as a Corp. level (until you take profits than you'll be double taxed for income as well)State fee's in Texas are much lower than a Corp.I'm assuming you nor your partner are US citizens, so the LLC allows more flexibility rather than a S Corp. for foreign investors.One of my favorites, is you can gift the LLC to others...not so, with a Corp (Estate Planning in a Corp. is voided or difficult).An LLC in US/Texas should cost less than $1500.00 to setup correctly. 

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Please don't prevent other readers to take advantage of the awesome realSecondly, billions of dollars have been invested by foreigners in Mexican pre-construction real estate and only a tiny fraction has had issues.

(I give these specific examples, because I have brought multiple owners over from other management companies that have done these exact things)Also, on the foreign investor side, management companies sometimes are weary to take on those investors for fear of scams.

(I own/manage 5 units, two of them to mostly foreign grad students.)I have tried to be patient, because I have been a tenant in a foreign country myself...but this guy showing up at my door unannounced with the rent check really sent me over the edge today. 

They've made gold a private market fiat currency.....

So I'm just wondering if you guys know if there are any particular rules for foreign ownership of residential property in the US?