Bottom line is I'm a bit wary of getting into this again and would really need to be sure that the first lien positions were solid, the borrower had enough skin in the game and the property was in an area where resale or rental would not be problematic in the event I had to foreclose. 

lenders really, really, really, need the borrower to have "skin in the game".100% financing, something goes sideways, and borrower just walks away...

I've seen some well-known syndicators brag about having "skin in the game" when the truth is they invest $100,000 in $25 million deal but take home $250,000 or more in fees.

If you went in at his suggestion and the repairs were significant you can always re-negotiate with more skin in the game.

Not just the “core 4” but actual partners who are both boots on the ground and have skin in the game. 

Every lender has slightly different requirements, but here are some of the common criteria we look for:Property Ownership / Purchase Agreement – You’ll need to show either a purchase contract or proof of current ownership if it’s a refinance.Exit Strategy – Whether it’s a flip, refinance into long-term financing, or a sale, the lender wants to understand how the loan will be paid off.Credit Profile – While perfect credit isn’t required, most lenders will still check for recent bankruptcies, foreclosures, or major delinquencies.Down Payment / Skin in the Game – Typically expect 20% down on a purchase. 

Generally lenders want some skin in the game especially if you are new.

On a Ground-up loan, lenders generally want to see more skin in the game.

In your transactions, the broker has “skin in the game” to be able to get some of that profit.

I agree with Jason - there has to be enough skin in the game to bait an investor - BUT also remember that depreciation provides a paper loss that shelters rental income from taxes, boosting after-tax cash flow.