How much "skin in the game" do you have? 

Lenders want to protect their investment not because of possibly you but your profile (little equity / assets etc) which is common for someone in their early 20's - want to make sure skin in game.

I am considering using a HELOC to cover my skin in the game. 

You need money, marketing, and thick skin to get into wholesaling.

No skin off lenders' backs if borrowers later defaulted, since the mortgages were backed by the government.In 2007, 35% of new FHA borrowers had debt-to-income ratios above 43%.

They told me they never trained for that, just reacted to save their own skin. 

I label you a CON.Because in my experience only CON's go to the extents and actions you have shown here to OBFUSCATE, distort, spin and use insults of things like skin color or ageism as a defense. 

Basic economics of supply and demand along with affordability have always been in play but people think real estate moves like stock market, so if they do not see it coming down they are like "told you so" then will be like "well it was 2 years later". 100% right, people with no skin in the game will share an unbiased opinion. 

And I feel the ideal portfolio can benefit from the diversification of both.1) Holdfolio isn't a match for me, personally (due to not enough experience, skin in the game, etc).

Most people are going to want you to have skin in the game, time is the most valuable resource and with most deals being so tight these days, mentoring someone just doesn't make sense for most people.