There are more than one way to skin a cat. 

Kind of like raising earthworms or Ostriches for skin care oil.  

And then I said, supposing you brought the light inside of the body, which you can do either through the skin or in some other way.

As a retired CPA, I have seen more than my share of bankrupted RE investors who were over leveraged with many properties.All the more reason to emphasize developing good due diligence practices, having some skin in the game and staying on top of legal requirements, maintenance, finance and tenant screening criteria.

When you're new with no experience, It will be extremely hard to find anyone that will go into business with you if you have no skin in the game, and you don't know enough buyers and sellers to be an efficient wholesaler. 

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.