My advice is to pass on this one if:-You are not 100% comfortable of the numbers independent of his-You do not have an understanding of your agreement together and his obligations are spelled out-Your agent has more skin in the game other than commissionsYou can always pass on this accepted bid and re bid when the property comes back on to give you more time to gather information. 

If you have the house first, only you have skin in the game.

At this point your realtor has got some skin in the game.

They are taking a chance because you have no track record, so they will want skin in the game (cash down). 

Nobody wants them, and you don't want to be one of the many that learn on their own skin & pocket why!

As long as they are in first position, AND you have skin in the game (seller financing doesn't count) then you have a deal.

Regardless, you will need to have some "skin in the game" with all lenders.

Hard money is more expensive and still requires significant skin in the game.

So the only value proposition you bring is you found the deal and will marshal it but you have no skin in the game other than time.. that is the hurdle you need to over come.Personally since I am the person your looking for I would not do this for someone who is knew.So to that end I would be looking for a equity partner FIRST.. get some deals and experience then you can go fishing for gap.. you can show them your done deals and your success's. and you will have some capital to put in even if its nominal.so this Gap theme is just soup de jour for I have no money and trying to do no money down 100% leveraged deals.

However, neither guy didn't want to do the deal insisting that I need "skin" in the game.