It seems to be a pretty natural evolution for many investors.

The nature of the relationship to me seemed exploitative and it bothered me a great deal. 

It is not retaliatory in nature also.Is it legal to raise rents on one property and not all of them?   

These types of loans typically require at least a 10-20% down payment, as lenders want to see that you’re financially committed to the project.There are ways to get creative but they still require some form of skin in the game. 

When you deliver on your promises and provide exceptional returns, investors naturally want to share the good news with others.

I've seen some well-known syndicators brag about having "skin in the game" when the truth is they invest $100,000 in $25 million deal but take home $250,000 or more in fees.

The math is obvious but there's a natural tendency to go for properties you can obtain at a lower basis.

There is a reason we lenders require "skin in the game" and experience.

AZ is not prone to major natural disasters so investing there is less risky with regard to those types of setbacks.  

I would assume that it should be blocked off with some type of decorative tile or something of that nature.