@Tammy Wise CLR is a very good hard water deposit remover but it's pretty caustic on the skin and don't spray it indoors unless you want to die!

Had the rehab amount is $20K, and if he has at least $10K as skin in the game, then maybe I will lend money to a newbie.But with the high repair amount, a newbie investor with no skin in the game, it's not worth it!

Otherwise I spending all this time on someone who might waste my time and actually cost me money where I could be doing deals etc.When you force someone to put skin in the game they have something to lose.

The bank is going to want you to come in with skin so seller carrying the entire Dp isn't going to fly.Getting seller to carry 10% or half of the DP may work but the property is going to have to be one heck of a deal for the bank to still underwrite it with the 2nd note.

It's time for "gurus" to put THEIR education-skin in the game, FIRST!

Basically, conventional institutions want you to personally have skin in the game.  

According to Freedom Mentor, this deposit is to ensure you also have some skin in the game and covers cost of some of the systems they have.

Do you have cash to put into the purchase (skin in the game)?

You have to be pretty tough-skinned, even more than for landlording!  

I am a clueless investor and I do say that seriously because I'm from NYC but I have been doing my analysis, study, physical drive around, research and talking to other Newark investors and came to the conclusion that if you purchase multi family for 30-40k which there's plenty at that price on the MLS and fix it for 60k then section 8 all the apartments, that's cash flow with a fast payoff. this is the strategy that I have focus on that will work in Newark, any other strategy I would not advice.Again you have to have thick skin cause is in the lower class areas but last I check, money has no class standard.