Is it really profitable to mine bitcoin and alt coins?
Yes it is profitable. But only if you got free or very cheap electricity.
if so then why alt coins have small hash rates?
Most of the altcoins are dead. Only a few of them worth to mine.
Does any one even know which country you could mine and profit the most?
Some third world countries which you can get electricty for free without paying for it. (stealing)
Is there any trusted bitcoin forum member who has established any mining service and accepts out side investors so we know at least
There is one legit person in this virtual world that we can trust and same time earn something?
There was a guy from Venezuela looking for investors but i wouldn't trust anybody overseas in this matter. I don't even trust cloud minng companies. So, to answer your qusetion: Theorically yes, practically no.