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.

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

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. 

You will grow thick skin quickly.

The other is skin in hte game, if someone is putting 25% down payment, they will not want to walk away from that very easily and will fight harder to try and make payments.

From a lender's perspective, you sound look like a very risky borrower.Hard Money is an short-term alternative to traditional bank loans and is more suited to rehabs and flips, but any lender is: 1) Going to underwrite the deal to make sure the numbers make sense, there is a clear upside, and plenty of wiggle room (and thus will expect you to come to them with a very clear picture of exactly what needs to be done, including a scope of work, detailed costs, and contingencies), and 2) Expect you to have skin in the game. 25% is pretty reasonable, actually.

I am doing my research on this market,  is anyone here familiar or have any skin in the game?

That was for an “emergency,” to save a deal when another lender flaked out.

What's your skin in the game?