I would have to say talk with a CPA on this for your specific circumstances.If you are purchasing all cash with no financing, IMO your biggest objective is to cover your butt since your the one with all the skin in the game therefore have everything to lose.

However, I know a lot of people will want to see some skin in the game, so I am thinking of asking for 90% and I will put the other 10% into the project, likely $10k on this deal.

I wrote the ad right after getting my 1 days notice, so I was a little irritated and it came out in my writing.

You'll need some skin in the game.What makes the most sense in my opinion is this: You offer him $380k and attempt a 203k loan.

I have a client I've done some deals with (he flips houses) who has done very well and is on board with me getting more skin in the game.

Secondly, 90 days of holding costs along with that time frame provides a window of time where repairs and improvements might be made to justify a new and higher price, the new owner also has more skin in the game.

Commercial lenders can be found in the UCC.So, these arguments about who a private lender is can be clearly found by the process of elimination and by specific exclusions in laws and regulations.No skin off my nose if folks would rather argue about it, if a situation ever pops up where it matters, you can learn later on, probably the hard way for some.I recall an examination of a bank in Arkansas, the President got into banking by the virtue of having the money to do so, there is no intelligence test required to own a bank.

All lenders that I've met want skin in the game, which I presently don't have.Good luck.

Then you will know what their requirements are so they can lend you money.As a private lender myself I will require the following:1) 65% LTV2) fund 80-90% of the acquisition + rehab cost (they need to see you have skin in the game or 10-20% downpayment)3) they will ask you to pay 3-8 points (or 3-8% of the money you're borrowing)4) sometimes, they need someone with good credit so you can show them that in the worst case you can't sell the property, you can refinance them out5) sometimes, they will require you to have 20% reserves so you can pay for the first phase of the rehab

I know that in order to get money to purchase my first multifamily unit, I'll need some "skin in the game", ie, large down payment.