GP Skin in the game: I know this has been debated quite a bit. 

Again, put some skin into the game. 

There asking price is $154,900 and there is not much skin in the game, Zillow bought the home 3 months ago for $ 142,500.

A licensed attorney or CPA would be necessary to get real answers.Some concerns:The lender may not issue a loan to you if your skin in the game is coming from another party.The hard money loan would need to be non-recourse if the IRA is involved.The IRA may have exposure to tax on unrelated debt-financed income.The presence of the IRA in the deal could complicate the post-rehab refinance, which would need to be non-recourse if the IRA is still in the deal. 

Not bad.If the tenant buyer doesn't  or can't close you out, you either rinse and repeat with a new tenant / buyer (and a new option fee and a higher rent and a higher sale price) or you deed the house back to your original Seller and your profit is the option fee spread ($10,000 - $2,500) + monthly rent spread of $300 ($900 - $600) for 36 months = $18,300.You, meanwhile, have little to no skin in the game. 

My real estate spirit started glowing, and I immediately skip-traced the owner.

If realtors are going to be allowed to come on here and spout insanity to round up business, they should at least be required to prove they are acting in accord with that advice, i.e. are buying something, have skin in the game somehow.Otherwise, they're like some cake decorator showing up at overeaters anonymous and selling contraband cupcakes out of his trunk. 

They have more skin in the game then you do.Make sure you get clear title.

I always save up and use my own money so I've got skin in the game from the beginning.

Would you all recommend going with the highest ROI deal regardless of the deal size or to take a smaller ROI but also a smaller investment amount to get my feet wet and to learn the ropes without a lot of skin in the game?