I grew up watching my Dad rehab, flip and rent homes, so I've seen (and done) some of the grunt work, but I have yet to get my own skin in the game.On the flip side, my Mom has had a house that I've worked with a property manager to keep rented for the last 10 years or so.  

I would think 50/50 make sense but on the flip side I am a bit concerned that only myself is on the hook for the loan, assuming LTV of 70%, I am thinking I would have 85% of skin in the game as my partner would only risk his 15%.  

But going back to @Jeff Sprunger comment, does skin in the game specifically refer to liquid cash that you personally have available to use for the project, or could that also include personal loans taken out in your name to show that you have a vested interest in the success of the project?

If you are doing a conventional loan (30 year, fixed rate FNMA/FMCC mortgage) then what you are proposing might not work.If the seller is providing a secondary mortgage it is very difficult to keep that information from the lender and they will likely not approve of you having very little (or no) skin in the game. 

Here's what I learned from a second commercial lender.Even if the appraisal comes in sky high, the lender wants the borrower to have skin in the game, which in the case of this particular lender, is minimum 20%.

A HELOC should be explored in addition to a cashout, lots of variables here as to what the best route is.I wouldn't put much weight into the neighbors, this is common and as investors we build thicker skin as we go forward via pesky neighbors and tenants. =)I would recommend your plan involve you not paying MI on your new purchase, so coming in with 20% down + would be my advice.

Most lenders want to see some skin in the game, usually 10%. 

I want to put skin in the game of community redevelopment.

That's what bothers me most.While not getting the entire rent is not right and irritates me greatly, I would rather get some than none.

there are definatly crowd funders that did equity deals.. however they usually want the sponsor to have some skin in the game as well not 100% financed..