But I have seen far too many people get into trouble with this sort of scheme.

Equity harvesting schemes have been around a while.

Using contracts as a scheme to circumvent licensing laws no longer works and the contacts are voidable.

So ADUs in residential areas require that the owner occupy one of the units which would generally eliminate your scheme if the same rules apply. 

MAKE sure your up to speed on what you can and cannot do vis a vi a pre foreclosure scheme's or models that worked 10 years ago in many state are wholly illegal today.

I know, I know - I'm insane for thinking that the economy is a ponzi scheme and could (will) collapse.

DO NOT just rely on a title search, your potentially an unwilling participant in a scheme.

My kids are growing and I’m not around to see their milestones.I’ve chased “get-poorer-faster” schemes down rabbit holes.I’d like to do better for myself.I’m a rookie investor.I haven’t pulled my first deal yet.But I’ve worn many real estate related hats over the past years.I’ve acted as a property manager for my family.Also been a handyman, carpenter and general contractor.I worked on several rehab projects for my parents in Omaha, NE.They made mistakes in their business and got out.I want to do much better.I can do better than they did.My short term goals are to flip one property and acquire a rental by the end of the year.Longer term goals to grow my business and expand out of state.I’m currently seeking guidance, partnership, mentorship, leads, encouraging words, etc.  

:DJust to give you a brief synopsis of our niche in the note business, we purchase primarily non-performing second mortgage notes in large pools (large for individual investors but fairly small in the broad scheme of things) at a discount then contact homeowners frustrated by inefficient bank collection agencies to help them get on track and begin paying again.

Most of these are schemes that primarily benefit the landlord and property owner, not the tenant who is thinking of himself as a "buyer" in his head.