I have not reviewed BAM's fees but it's likely based on their representation of UNDER 10% "skin in the game" that most of their "investment" is taken from fees deducted from the money gamblers place with them and counted as equity in the deal; this is a common practice in the syndication industry. 

Fix it fast: lead with a crisp one‑pager showing deal, numbers, security, and payback; put some of your own skin in; state risks and how you mitigate; then give consistent updates.

100%, "no skin in the game"? 

(And there's fear of retaliation in reality.)STR management is not for the thin-skinned.

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

But if you're using traditional financing, you'll usually need at least 10-20% skin in the game.Bottom line—BRRRR is a powerful strategy when done right, but it’s not passive.

In other words 80% conventional loans, as ALMOST all loans, require the borrower to have skin in the game. 

That being said, one question I haven't had answered (because I haven't previously asked it ;-)Once fully operational, that is, I can buy an ice cream cone anywhere in the US with an appropriate amount of Bitcoin, just slip my card to the vendor, how long will the transaction take to complete? 

@Erik Roth - Your point on a lender justifiably wanting the borrower to have decent credit and some skin-in-the-game is valid - and nothing in my comment suggested otherwise.

Sometimes you just have to think, would I trust someone with $500k with no skin in the game or history to show that they will repay me?