The only investment properties I've seen go through were situation where the homeowner became a landlord and there was a legitimate hardship.

As long as it is a legitimate non profit and you aren't using that money to buy real estate - that's what your business is for.

I do not think the newbie sees to many legitimate deals like that.I really think nothing beats not being naive and desperate.

Certainly with more time and risk either real estate or stocks can produce returns that are greater than average.Also, I think Dennis brings up a VERY legitimate fear.

Yes the 1st formula feels more legitimate :).

Yes there are legitimate deal on these kinds of sites but there is also a lot of competition because well everyone is seeing the same deals.

"Evil" as a legitimate psychiatric diagnostic category?  

You do need someone to verify it is actually a legitimate, legal,conforming and enforceable note.

Have you notified the landlord and given them an opportunity to address legitimate items?

If you can't document your income you'll have a hard enough time getting someone to rent you a place....a bank giving you a loan is not going to happen until you start working legitimately and paying taxes.