These are all rumors - I have no first hand knowledge - however, my friends are running into these issues:
1) The property manager puts a rental on craigslist. The same day "evil person" puts the same property on craigslist for less money and with easy qualifying guidelines, ie; no credit report. Evil then shows up at the house, collects money and disappears with the renters money.
2) Owner receives a Notice of Default. Owner rents the property to a renter - collecting rents and deposits all the way up to the trustee sale - and sometimes even after. The bank then shows up to evict the tenant.
If you or someone you know is renting something - check to make sure you are actually working with the owner and check NOD records. Your great local Realtor is a great resource for this information.
