My concern is not to overdo it with pyramiding, especially in light of the rising rates.

Except it’s worse, because the agents go 6 months without making money, and the firms have the same mindset as a Multilevel Marketing pyramid schemes.

Does real estate investing ever seem like a giant pyramid scheme to anyone else?

That process is called pyramiding...  

Since it seems like mixed reviews saying a "legal" pyramid structured business, I am skeptical.

They called it a pyramid scheme, said they had financial issues, etc. 

I'm sorry for the people that have been wronged by NR marketers. they do suck and they do tarnish NR's reputation, but it is a network marketing company after all. true, it's not a pyramid, but yes, it is direct sales. similar, but not the same. no one hides that fact unless they're trying to get you in unethically. 19,500 isn't a bad deal for two years of schooling. i did my research on boot camps and more specialized niches of real estate, and i felt that this was the best bang for my buck. would i do it again?

I clearly see that I AM THE CHUMP who is being steamrolled by way of unethical loopholes being created by government, in an insane attempt to prop up a drowning system based on a debt pyramid.

These notes allow us to add strength to our financial statements while earning much better returns than cash accounts, making them valuable tools for further acquisitions and pyramiding the growth of a tax-sheltered wealth accumulation base.

Which can be done through pyramiding.