They have little to no skin in it.

NO skin in the game for the sponsor?

But you note that Blackstone is a major investor in Austin, so the contrarian point is to NOT invest in Austin.I have no skin in the game either way.  

However I would not consider them to be truly passive because they do not put any skin into the game like a good passive investment does (via a sizable coinvestment).

Now that I have skin in the game, I'm definitely feeling the policy decisions impact me more so than ever. 

I worked in casinos dealing cards, while I don't have any type of security or police type background I grew some thick skin.

You can hire an agent just to show and be a body if they are willing, While its not perfect, ChatGPT is a great tool to ask initial questions and get a launching pad (always verify what it tells you)  - @Drew Sygit - Good point about getting someone to help you with screening if they dont have any "skin in the game" so to speak.

We do lots of JV and have found that the best relationships are where everybody has "skin" in the game.

Ideally I have skin in all three options for buying and holding as well as BRRRR down the road (diversifying).

Unless you are a veteran or using a DPA program all loan products require some skin in the game (down payment) and that is how most people start their portfolios.