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. 

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

Typically the HML will fund it and they want that skin in the deal to proceed, and I know some agree to 100% financing when you have a lot of experience.

I also want high skin in the game, conservative leverage and reasonable fees.Open-door isn't a match for me (and an easy "no") because they don't have that type of experience.

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.

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

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

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

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. 

The deposit amount when working with a lender comes from the lender - it is basically the amount of skin the lender wants you to have in the game.