But if the landlord shows any weakness, the rent money gets spent on something else and the landlord only gets empty promises or whining.

If you promise to sell the property on the other end, you don't have control in the transaction.

I am in the same boat as you both, But I am concerned that by setting up a fake lisence number can lead to serious trouble in the long run..

That is, you promise to fix it.

When times were good many newbie investors would buy property from banks promising that the property would be "owner-occupied" meaning the bank would give the new owner a better interest rate since it assumed that person was going to personally live (and take care of) the property.The big problem here is the bank would have also required that the new owner purchase the property personally rather than through a LLC.

cloudy on that one, in the seller's mind he was under the impression he was committing fraud, he bailed on his promise to the old lady before she passed away, so obviously he thought they had worked as a sitter for a few months for 30K and got a place to live.

Just promise to take money from those that have it and give it to the 60%.

Talk to a few real estate agents in their home town and see if they are known.Run their name and the name of their business through google and see what you get.Ask them to give you some references (not that those can't be faked)

I have found what looks like a promising deal.

Earlier today as promised, James and I spoke to another Realtor.