Also, you need to have the tenant put some skin in the game, especially if they are only in the space for 5 years.  

Those that do not are really not turnkey providers, rather middle men or wholesalers that have no skin in the game.

Thnaks for the info anyway Then you will need that 20% down for a seller financing to show skin in the game to any lender, as well as go through credit risk analysis.

Of course, they don't have any "skin in the game." 

They want 'skin in the game - which I get but unfortunately I don't have.  

Risk can be mitigated with collateral, so unless you've got more skin in the game in terms of finances, or real property, you should not receive more value for your money than any of your partners.

We are a college town and I would not want someone to flake out and leave in November, leaving me with 2 or 3 difficult months to rent, and pay additional heating bills, etc.

@Sharon Tippett there are many ways to skin a cat as they say.  

I am definitely not saying all, just many that I know.2. the rate if return is low for a 2nd position 3. the way this reads, it sounds like this is essentially a loan to get you the down payment money you don't have. that will be a problem for your lender (they want you to have skin in the game) and it is likely an issue for this private lender (again, in this situation you don't have skin in the game)4. you may find someone that would cross collateralize your first property (essentially take a second on it homes) so that might be something to think about.5. and last thing, I promise:) have you thought about borrowing from a family member?

Overall I understand WF is looking to cover their skin in the game.