This is definitely not normal practice and is borderline fraudulent at best - I'm sure it's illegal in some areas, but might barely squeek by as legal in others.As you mentioned, the terms of the lease outline the rent and the period.

Is there a way to obtain a proof of funds letter that isn't illegal or fraudulent?

Also, as far as it being fraudulent, it's clearly fictionalized, but apparently about his friend Richard Kimi. 

I think I will just be scratching this house off my list and monitoring my credit card carefully for fraudulent activity.

I'm gambling on Nike today....As an end result though if all the markets crash my investments will be in buy and hold because I will be holding a property I can live in or rent out.

Competition is high, and consequences of making a mistake seem low.I'd love to see the statistics of how many people move to the Bay Area without having first secured a job, because--although I'm not a gambling man--I'd wager that the majority move there simply assuming that they will find a job.

Does this sound like too much of a gamble?

The property is in a great part of Goldsboro and I believe it will increase in value a bit due to a new highway being built nearby and the shopping area improving nearby as well (but that's a gamble).

Actually, for me, it was just a fun gamble -- Christina mentioned the tax lien to me at a REIA meeting and 2 minutes later I offered to write her a check for 50%, while Ned was just laughing at me for my lack of due diligence...  :-)We'll be all-in for $6500 or so, and hopefully we can sell it for a profit. 

And that's still a gamble.