New Online Workshop: Tricks & Traps of Foreclosure Investing in 2008

Hi, This is not a comment - to be honset i did not know the best place to ask these questions, so perhaps you can point me in the right direction? I’ve just read the taxloopholes blog and also: “The Insider’s Guide To Real Estate Investing Loopholes”. This seems like an excellent book, and any American should read it prior to investing in Property. The thing is, I am not American, I’m Irish and I live in Malaysia. But I have some spare cash earning me 4% in Euroland, and I am now looking at taking advantage of the US dollar being historically very low. I guess you could say I am following the advice in Chapter 17. So the first question for me is: Applicability of much of the wisdom in this book: Can I, as a foreigner claim mortgage interest is a tax deductable if I decide to take a mortgage out. There is an argument that I should only take a mortgage out if it IS deductable since mortgage interest rates are high in USA. Why pay 6.7 % on a mortgage when it allows me to keep money in my account in Euroland earning me 4% ! In two counties I am familiar with investing in, interest rates are higher if the property is to be let to tenants. Is that the case in USA? LLC Cost: Another question: What is the cost of operating an LLC ? I can certainly understand that if somebody is purchasing several properties worth say over one million USD, then it makes good sense to use an LLC. However I am only buying one property of about $400k or a max. $500k or, if I use mortgages, two properties totaling say $800k. So is the expense of an LLC worthwhile – or should I just spend money on good insurance? Can a foreigner operate an LLC? Where do I go to register my LLC? (I will invest in San Diego). I am undecided regarding whether to purchase a foreclosure or not; what are your thoughts in the context of CA foreclosures? Where can I find out what rate of tax I will have to pay on the purchase of a property in CA? Almost lastly: gift tax threshold & inheritance tax: Is it applicable to a foreigner? Page 127 mentions the $11,000 gift tax limit p.a. I hope I can use that as a foreigner. But even if I do, in the worst case, I pass away well before transferring the value to my 6 year old son, will he be left with an inheritance tax bill on my property in California? Lastly, the “insiders guide” book recommends using an Attorney – for reasons that make sense to me. My cousin in San Diego tells me this is not normally done, the Escrow agent does it all for you. This surprises me in a threat-of-litigation dominated society in America- or are the fees too high? Thanks in advance if anybody can point me in the right direction!