I know the podcasts and books speak about being in a deal with zero skin in the game, but that is an outlier situation not the norm. 

And I generally require a sponsor that has full real estate cycle experience with little to no money lost, low leverage, high skin in the game and reasonable fees and promotes.However, other investors will look at these deals as bad/too boring for them because they are more aggressive and not concerned about the risks of default, refinance, interest rates changing etc.

Quote from @Bree Jimenez: There are many ways to skin a cat, but you should choose one way and stick with it until you figure it out or learn that it's not working.

There are companies out there that have 0 skin in the game and are just referral sources and there are others who are vertically integrated so they own/manage the entire process from start to finish. 

It does not matter whether you are starting a real estate business, restaurant, car wash, or amazon commerce business - the lender will first look at you and your partner and how much skin you have in the game, your experience and the risk of the loan not getting paid. 

Potential Equity is not skin in the game. 

Good luck with that one—I doubt any syndicators would find a sympathetic jury in such a case.Scott, you and I have debated the concept of “skin in the game” for years.

When you are willing to cover your mouth with a handkerchief and step over land mines to see if the layout works for a LTR you know you're a real estate investor 😁 lolI've seen it all and smelt it all.Just haven't found a dead person yet in a property heheFunny thing is, having travelled a lotSome cultures consider animalistic smells attractive.Even aphrodisiacs.Personally, I love me some niche perfumes and have always bought the heavy Middle Eastern Oud scents.Repulsive when first applied but give it a few minutes and it blends into the skin making it sweet, sour and woody lolMaybe cat piss after some time smelling it would also blend in with our olfactory senses like it does with the other cultures hehehehe 🙈   

But lately have had a hard time finding anything to BRRR or even with enough skin to flip.

Personally, I'd be nervous to not get some type of deposit from my guest because I like for them to have "skin in the game"