There are a lot of rules about the various offering types and investor accreditation to "protect" investors from fraud or making unsuitable investments.The JOBS Act is making it easier for companies to raise money from the public and imposes minimal requirements for suitability.

They've likely already returned the funds so the next best thing is to demand that they give you a copy of the tenant's fraud affidavit.

I would also like to protect my identity and I am filing a Wyoming LLC to manage a Texas LLC.

@Jack Anderson -we are in an almost identical situation . . .

This is not applicable to sites like airbnb that collect and remit payment to us.We have had an INSANE amount of fraud in the last 6 months. 

(That's fraud)It also involves stripping equity from property owners who are either ignorant of the true value or in such a desperate situation that they'll take a bad deal just to get out of it. 

Also you need to figure out how you intend to cover inevitable property damage done by guests but there are plenty of solutions for that in the marketplace where guests pay a flat fee per reservation in lieu of a deposit and you get covered for an assortment of potential issues (bad checks, credit card chargebacks, fraud, personal property damage, etc.)  

Petscreening.com knows the law and they weed out a ton of fraud.

West End...boy, one of the most wretched of neighborhoods,  IN THE COUNTRY during it's hay day for mortgage fraud. 

When there is no realtor involved, it could be fine, but it could be disguising the fact that there would be fraud going on or that the purchase price doesn't equal market value (i.e. two related people selling a property one to another at an inflated value, etc.)