Gift of overseas residence. US citizen to US citizen.

I've seen questions and answers regarding non-US citizens but this is a question where all parties are US citizens.

I am an unmarried non-resident US citizen living outside the US. As part of my estate planning, I am considering gifting my overseas residence to my US citizen son who resides in the US, and retaining a life estate.

It doesn't look like any IRS reporting needs to be done other than a gift tax return. I'm familiar with cost basis rules for property in the US so I'm only asking about what rules and reporting would be different given that the property is in a foreign country.

Thank you!