Every one i've been to ended up turning to networking events, with little to no substance in education. 

Let's see; I want to be a real estate investor, so I'll put my money in a property that is dirt cheap, low rent, high vacancy (excluding squatters and substance aficionados), high crime war zone and believe I'll be successful?  

If you have cash to start (or a "cashlike substance"), and good credit, or can partner with someone that has what you don't, you can accomplish your goal very easily...and  quickly.Basic Steps to success:1 - Buy property and rehab using cash2 - Season property long enough to refinance all your cash back out3 - Re-use cash on next deal4 - Repeat previous steps until you've reached you goal.Since you are re-using the same money for all the properties, the only cash/money you would need is enough for the most expensive property.  

I was saying that it could lead to many people doing such thing and also pointing out the lack of substance the IRS would consider that personal statement to be.

This can obviously change depending on how the arrangement is structured and substance rules over form.As has been mentioned if the lender fails to participate in the upside it is unlikely this can be called "profit" under the Howey Test either.Gene Trowbridge has issued all sorts of advice on this.

Seems he was thinking it was some kind of a goo type substance, like maybe food/grease.

I believe it is some sort of powder substance that they coat surfaces with.

During audits, the IRS tends to look at the substance of an issue in addition to the form.  

Take the time that is necessary to develop the substance before you attempt printing cards.A poorly developed business concept shows in your card: no real business name, no "what I do" statement, no legal entity, no fax number, no company web site and just a random gmail address. - All that shows you are a rooky.Until you have established and developed all these things I would go with less is more and just do name, phone number and email.

is it in the groundwater or notMost people think leaky storage tanks from gas stations and such are really expensive to clean up, but in reality this type of substance can be relatively cheap (none of its cheap).