If you think of it, all of our society is full of scam and hypocrisy.

Some folks DO try make it a scam - it's not in and of itself. 

They are really running a Ponzi Scam, and I don't know how long before they get caught.   

You really have to devote yourself to making it work, and it helps if you have a genuine interest in this business aside from money.

I wouldn't call them scams.

They don't care when you try to explain all the future projects, they actually hate hearing that since it sounds like a scam, when an investor says, "Give me a good price and I will have a lot of work for you" it sends chills up their spines. 

Sullivan devotes an entire chapter to this situation in her book.  

Just because a technique for acquiring or earning money is popularized by gurus and practiced unethically by the gurus students does not mean that the technique itself is a scam, unethical, immoral, or that the participants aren’t honest.   

A replacement cost should factor in depreciation.Airbnb knows exactly what they are doing when the scam hosts by not paying 100% for repair costs. 

Agree on the advice their are sharks out there that are very good praying on people with various scams each month a new one pops up so avoid the housing market right now .In the mean time invest in a index fund that follows a benchmark like a S&P 500 each month/week put more money in when you are at a age that father wisdom has visited make small moves into the housing market .