Before investing we explored establishing partners in the market that were willing to put skin in the game with us. 

Have all the adults sign the lease so they all have skin in the game.Or just flat out NO.

@Kyle DeboerEveryone is going to want to see some skin in the game.

Yes borrowing with no reserves, skin in the game, and no stable source of income is very risky. 

No one has more "skin in the game" than a PMC as they have to deal with the property every day until an owner sells or fires them.Also recommend finding your own Inspector and not one referred by an agent.

Appreciation can be half or more of your total return and when you screw up and don't make money it can be a life preserver that gets you out with a small profit or at least most of your skin intact. 

You might be in the 16%-20% range or more since you have no skin in the game nor experience.Check to see how long the tenant has been there.

Also, generally, when we move people in, we tell them they need to notify us for these reasons if the occupancy changes "Saftey- i.e if the fire marshal calls me a 1 in the morning asking how many people are inside I can give them another, Legal- We as landlord are required to report our occupants to the City, this allows them to solve any occupancy disputes and keep our communities safe and final protect you then tenant- so if a roommate comes in and damages the place, you won't be held fully responsible for the damages, they will be held responsible too as we all know if someone doesn't have skin in the game they are more likely to make a mess of things"In whole, the extra tenant issue is not something I would loose a paying, well kept tenant over.

No skin in the game in the eyes of my credit union and my private lender will only be 1st Position.

I’ve got good equity, locked-in long-term debt, and no real skin in the game on most of them, so if I have to float $1–2K/year into a property for a bit, I’m fine with that.