Can anyone tell me the pros and cons of investing in U.S. real estate ? Any tax concerns ?

I'm looking to invest in foreclosure homes in Florida but don't want to get stuck in a taxation hell.

To avoid higher taxes stay away from the water front. I would stick with single family homes rather than condo's. Try to avoid "gated communities" as there is always a membership/maintenance fee charged monthly. A lot will depend on the area of town your looking at on how much the taxes will be. It is also based on the appraisal value of the home.
there are excellent yields to be had from us property but landlords are responsible for local taxes and make sure if you buy that there are no outstanding debts on the property ,you would be buying these as well !!
Taxes will be based on purchase price in FL. Disregard the suggestion of avoiding water property. Prices in SW Fl. primarily in Lee County are less than half of what they were in 2006. If you want to get a real buy, you will need cash. It will be hard to buy a foreclosure or short sale if you are mortgaging the house. Lee county was no. 1 in the nation for foreclosures last year, and sales are up almost 200% this year based on all the foreclosures. A good number of the buyers are from Europe, Canada, and northern states. Even in these tought times, there are a lot of people with cash.