Looking for tips on foreign investment in US real estate?

I'm thinking of buying into the slumping US real estate market this year and looking for tips from any non-US residents. I'm Canadian and would really like to hear from any others currently holding US real estate income investments.

In particular, I'm wondering if real estate investments have to be cash sales or if banks will cover your mortgage. (either in the US or in your home country)

Any other info would be greatly appreciated.

You will find it difficult to find a US bank that is willing to give a loan to a foreigner, especially now.
Check in Canada if a bank is willing to give you the money to invest abroad - though that might not be too easy either.

I usually buy my properties cash and then take out a home equity loan on them. The rates for a second mortgage are not as good, but much easier to obtain.

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