I want them to have $3k or 4k out-of-pocket to have some "skin in the deal."

Essentially because you don't have enough 'skin in the game' as determined by the lender you have to pay MIP an insurance should you default, which would be less likely if you had a higher down payment to lose in the game.

They have more skin in the game then you do.Make sure you get clear title.

.- Have some skin in the game.

For me with almost 4 decades at this all of our bizz is by referral and personal contact for me going on social media too many flakes and to much time wasted with real estate dreamers.

Pro tip: Even though you can put no money down, you should be offering money down when you offer (even if it is returned at closing) so you have skin in the game.

So I require skin in the game (average is 5% to 15%) to offset this.

There are a lot of different ways to skin the cat, not just one. 

How much skin of the game the GP has in this deal ?

The only issue I see is that the PM only "sort of" has skin in the game.