I want to know how much skin they have in the game, the loan, and their track record.

There are many ways to skin this cat.I require 50% at the time of booking.

Less skin in the game & delegating responsibilities such as guarantee, GP equity with less scrutinyAs an LP who can only write smaller checks, why go with the GP who falls under the larger syndication category?

Well, if I'm buying to flip and it's going to cost me 3-5 months of time, effort, holding costs, risk, etc, and I'm only going to make $30k off the final sale then it serves to reason that the wholesaler would make less because they have less skin in the game.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

As it was my first opportunity to get some skin in the game, I jumped on the deal and we agreed on a 5 year ballon (4% rate, amortized at 15 yrs).

The buyer must have 20% to 30% "skin in the game." 

and you can find an almost unlimited variation on risk ( from low to high leverage, both floating and fixed rate debt, from no to high skin in the game, etc).

Does the sponsor have skin in the game?

You have no skin in the game!