It cost us 5 digits to walk away but got out by the skin of our teeth.Lesson: Run your deals at YOUR pace and NOT your agent's.

As a borrower, we like to have control of our properties and if you have no skin in the game, where is the argument to put title in your name?

Especially considering that the investor knows that you'll have a strong incentive to keep the property cash-flowing, With that said there are so many ways to skin a cat and structure your investor deals.

you can get a PL to do a deal for a first timer, IF you have good credit and put a lot of 'skin in the game'I'm assuming your planning on flipping, remember the lender is the one taking risk, will you do what you say, is the deal as good as you say it is, will there be unanticipated problems (yes, especially on your first rehab, but on most rehabs) etc etc, you have to give them a reason that you won't just walk away if problems come up,,if you have a lot of money in the deal, you would be less likely to walk away, if you have good credit, you don't want that messed up.Don't give up, but find out what a PL would want in a particular deal,,then work to get that cash/experience

Even with a nicely cash flowing property they want to be sure we've got our skin in the game.

Could use some paint and carpet, but otherwise the house has all high end stuff.Never used a hard money lender before and I don't have a lot of skin to put in the game.Thoughts?

At this point it is either get involved in something like this, get some skin in the game, and learn from my experience, or just save my money away for the next five years until I'm at a point where I feel more comfortable ratcheting back from work, and try to become a part time buy and hold investor on my own.Either way I plan on getting involved in managing my own real estate down the road, but thought this may be a viable way to get started and learn in the mean time.What do you guys think?

Other than increasing my return a bit higher than this 6-7%; is there a way or ways I can minimize my risk i.e. taking a higher position (1st), taking collateral, offering in draws in conjunction with the build, ensuring there is plenty of equity along the way, and ensuring that the builder has at least 20-25% skin in the investment with me?

Skin in the game, eg a very large down payment.At your age, the best chance would be a private loan from the people you know you best. 

A hard money lender may get you the funds needed for renovation, however they will want you to have substantial "skin" in the game.