If you pick 12%, 9% is not good enough, nor is 11.7%.

If the rate is good enough, I have more upside in taking hard money than syndicating equity.

A lot of licensed investors get into trouble because they move very quickly and simply do not give the details the attention they deserve, mainly disclosures (in writing...verbal is not good enough).

Will have to find a way around that - or find a house in good enough condition.

If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.

After looking for 10 months for another home run, I decided that solid doubles are good enough for me.

Are the basics like parking good enough to justify the higher rent. 

If they have a track record in the field you want to enter, that's a good enough vetting process when you're just starting out. 

He is looking to find the same people you are looking for and he gets no commission investing in you vs investing in stocks...If you have a good enough deal a HML will be your best bet but they have up front costs in doing the due diligence which is why they pass them to you. 

To me it seems legit as long as you're able to get the place for a discount and its in a good enough area that it should rent at the rate you need consistently.