I'm having trouble finding a lender who will do this.Thanks much in advance... non bank lenders who are doing DSCR do not allow 2nds on the back end. they want skin in the game

I know real estate isn't for the faint of heart & my skin is definitely in the game.

I am also going to move the fireplace to the center of the living room (under the bear skin), and it will be a river rock surround.  

I have been having problems getting kicked off the system after writing a response so I just put one sentance up to test it .. still weird but worked.1. back ground check  no one with bad history.2. meet in person 99% of the time3. fly to the market review the projects they have done and are contimplating.4. some skin to start then we do true JV deals IE our money their work.

If you can find a property that is in need of a lot scrape or retrofit, but is in proximity to a grocery center with good access and visibility, their is likely several ways to "skin that cat" from a build to suit to a ground lease, etc.  

If I carried the note, I’d want 20-25% down to make buyer have skin in the game.

Why he wants me to have some skin in the game when he's otherwise just going to give everything away I couldn't tell you.

A couple of other things I’ve found valuable to look at are:Track record through cycles (how they’ve managed deals in both good and bad markets).Transparency and reporting (how proactive they are with communication, especially when things aren’t going perfectly).Alignment of interests (skin in the game, fee structure, co-investment).In my experience, those have been big predictors of how well a sponsor actually delivers in the long run.

That is the "shelter" - no skin n the game, but you still get an expense.   

So, again, a sponsor needs to have real skin in the game, not the illusion of skin in the game.