No need to pretend either, just be open and honest about that fact that you're just getting started and trying to learn.You should also go get your license.

They clearly disagree you, and I would guess "most successful investors" disagree with you.When considering the entire picture, there is a huge flood of people posing as real estate investors, flippers, wholesalers, or whatever title in the present real estate market, many have very limited funds or capability to qualify for a loan.So, you'll make the statement that there are lots of people who pretend to have money but don't, and then say it's unreasonable for a seller to ask for POF?

However, being still fairly new in the business I don't pretend to be an expert...especially in the financing end of things...so if my assumptions for the mortgage are way out of whack, please let me know...Annual Rental Income.......$82,200 Vacancy at 7%...................$(5,754)Subtotal...........................................$76,446 Annual Expenses.........Taxes........................$6,962 .........Insurance.................$4,800 .........Gas...........................$5,040 .........Water........................$1,092 .........Sewer........................$3,200 .........Electric......................$720 .........Trash.........................$1,200 .........Landscaping..............$240 Total Fixed Expenses.......................$23,254 Repairs/Maintenance.........$3,360 Replacement Reserves.......$1,440 Management (6%).............$4,932 Total Variable Expenses.....$9,732 Total Expenses................................$32,986 Net Operating Income.....................$43,460 Lets assume a lower NOIin case the expenses areunder reported:..............................$40,000 Financing:Purchase Price..................$400,000 Loan Amount.....................$300,000 Interest Rate.....................5.20%Loan Term.........................10 YearsAmortization......................20 yearsAnnual P&I........................$24,158 Net Operating Income......$40,000 Debt Service.....................$24,158 Cash Flow.........................$15,842 Cap Rate...........................10.00%Cash on Cash Return........15.84%

I'd try to avoid the pretenders because I don't want to waste my time.I would only get properties under contract that I knew I could sell to them.

I don't pretend to know 1/10th of what Dion does, but I will try to chime in with some of my thoughts on your questions:Q.

Ask about deposits and who pays utilities.For that matter look up ads for your area and drive the area and then call and pretend to be a tenant and find out what's out there.

Go visit as many of the nearby properties as you can and pretend you are looking for an apartment.  

Maybe they can pretend they have an asset that is worth more on their books than it really is.It's an uphill battle working with banks. 

When ever I am interested in a property I go there on my own at different times pretending to be a renter, to get the sense of the place and then I would walk around and inquire about the place in general.

A quick way to separate the real investors from the pretenders trying to be something they are not is to ask for a recent bank statement in their name valid within the last 30 days.