Sign of the times

From eBay:

Own half of a house for $16,000 and receive Income

This is how it works;

You put up the $16,000

We go in halves on a house in the Palm Springs Ca. Area using yours and my income to qualify for the mortgage.

1. I pay the down payment and closing costs out of the $16,000.
2. I make ready the house to rent.
3. Until rented I pay the mortgage.  
4. I rent the property to a third party
5. The rents go into a joint account.
6. The joint account pays the mortgage, Property Taxes, Insurance and any other expense we may have.  Anything over that amount is profit and can be paid out to us.  The monthly payment will be around $550 a month.  We will be able to rent the property for $950 a month.   And that is how you can own half a house and get a second income at the same time for $16,000.
7. But in this case there is more; you see these properties sold for over $300,000 in 2006 before the housing crash.  We will buy for under $100,000 if we act now.  So there is a good chance the value of the property could double in around five or ten years for a really nice profit when we sell.
8. There is no other legitimate investment that is this safe and pays this much over time.
9. For best results Act Now while the newest houses (built between 2003-2007) are still available.

Interesting. And what makes this joker think anyone who is willing to put up $16,000 while he puts up zero will be willing to give up half the rental income and capital appreciation?

To the pedants out there: I know he says he will pay the mortgage until the property is rented out, but there's nothing preventing him from renting it to a passing hobo for a dollar a day. Also, note the fine print about how the initial $16,000 is used.