I think you are on the right track however its going to be necessary for you to have some "skin in the game" sooner rather than later - while it can be appealing and seemingly possible to build a significant real estate portfolio with all of "OPM" the reality is you are probably going to need to have some equity in these properties - 20% or so down from your own funds to keep building. 

Needed to get my skin in the game and found a great opportunity with a wholesale deal and had a good visible gap between our buying price and the value of the home so I interested me to this deal because of the way that me and the team would be able to learn and handle these opportunities in the deal to maximize ROI and asset lifespan of performance.

Investing with none of your own money is also always an option, but understand, when you have no skin in the game, it typically means that you will be giving up more equity at the exit and/or splitting majority of the cashflow during the hold.

We have charged $500 as a damage deposit since day one.I am of the belief that they need to have some skin in the game.

Your brain is going haywire and your body is simply trying to do all the changes and still fit into your skin.

They would require skin in the game (cash) and your analysis on a specific deal before funding 80-90% of the purchase price + construction costs.

I would also recommend that they have sufficient 'skin in the game' IE additional down payment above and beyond just having lived there a while. 

ZERO skin in the game. 

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

Why every renter hates living in big multifamilies and dealing with bullying property managers with no skin in the game.