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.

They have little to no skin in it.

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. 

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.  

NO skin in the game for the sponsor?

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).

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

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

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.