They'll want to see that you have significant skin in the game. 

In this case, he or she no longer has any skin in the game.

The clients have no skin in the game, not even a deposit.  

I'm saying this as a caution to those who think subprime caused everything - in reality, subprime was the catalyst (ie, COVID today) and as the equity disappeared, people defaulted in droves, as soon as it became Socially Acceptable to do so.COVID essentially just gave everyone a free pass to default, and not be embarrassed. 4th qtr 2021 is the concensus, among those I still talk to regularly in the Default Servicing space(I used to own a mortgage lender/servicer company, back in2007, got out with my skin but barely.

If my property is going to suffer the wear and tear of a parade of boarders, why shouldn't I get the profit instead of you, who owns nothing and has no financial skin in the game?

Another possibility is to find a deal and use hard money to take it down but you still need some capital, ie skin in the game.

Congratulations on moving ahead in  your journey on your investment path and , your incolvment in the BP community.soo many ways to skin a cat and get you into more properties with upside potentialyou current situation and means would dictate more specific ideas and strategies .  

Our property management group is owned almost entirely by our turnkey division, with the remaining portion owned by the general manager of the property management company to ensure he has some skin in the game. 

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).

HMLs can definitely lend up to 70% ARV for which in this case you already seem to be at, but most want atleast some skin in the game even if you hit that mark.