If they aren't doing much business/volume, they will send you a nice looking term sheet, and you will go through hell trying to get the loan closed.

.- why would an owner want to do business with someone NOT properly licensed?

I still have a hard time understanding how this business model works for them, but perhaps that upfront fee covers for lack of deal flow (?) 

How is your RE business?

Working in a busy property management company, I'm often asked for advice on camera and alarm systems, and in rougher neighborhoods sometimes it can be a toss-up on whether to keep a property boarded-up between showings. 

In return for excellent service I'll be offering repeat business and I'll happily provide referrals to my existing investor network for those top performers. 

We have worked hard to build up our systems to manage our business.

My community is safe, and yard signs are a great way to advertise my business.

@Liz Lynn Great example of a reason to do your own DD first rather than depending on realtors/others.

It depends what your goal is.