There are generally no restrictions for foreign nationals buying US property. We advise our clients to buy through an LLC rather than in their own name for asset protection and if they live in Australia to set up an LLC in a tax-free state as the sole member for the LLC that owns the property in the state of operation to avoid state taxes and create another firewall between their US property and other Australian assets.
I am happy to provide further advice, as we are buying lots of foreclosed properties for Australian investors with net returns of 15-25%. We have a team which includes lawyers and a joint US and Australian accountant to ensure that each client is setup correctly for legal and tax.
You can contact me on email@example.com or http://www.888wealthcreation.com