I believe REI requires sacrifice (personal) and skin in the game (cash).

The banks may also be concerned that you have no skin in the game.Mark

I applied for and received a 203k loan to complete the project by the skin of my teeth.

There are several methods to skin the cat.  

Wherever you go you'll need an advocate on site whose interests are aligned with yours; someone with some of their own skin in the game.

A lot of portfolio lenders dont want you to take more than your "own skin in the game," out before 6 -12 months either, atleast this has been my experience with WA local portfolio lenders however I am sure there will be someone out there who will do it or do it with enough financial wherewithal.

Let's say they agree to give you $560k, they will then require you to have 'skin in the game,' and bring the balance of $240k cash to the table, to cover the difference.

@@Jared Kovall-ScarlettInterview hard money lenders, many want skin in gameLook into private lendersLook into REIAsThink about a JV w a seller on a minor rehab, seller carries a single payment note until resale

Lenders/investor want you to have skinning the game.You might send some quiry mails to see if it  is even legal.

This isn't a rant by any means, but if I were considering deals in the UofM or any area, I'd want a synopsis by someone with skin in the game there.