Maybe they raise some equity direct from immediate family (IE - mom/dad/sister/brother/grandparents/uncles/aunts/cousins), but the majority of the skin in the game is the GP's own.

The idea of even a little bit of debt makes my skin crawl and want to run for cover. 

If you examine all of these questions, which we all read every day, there are a couple of apparent things missing that make them impossible to answer:1. skin in the game2. research done before posting3. why the poster is asking (background)4. camaraderie (just give me what I want, I have nothing to offer)

I did this a few years ago and it still looks good as new, but I recently read that its not recommended to use fix-it-all on the exterior of the home because it can absorb the moisture in the air and further rot the wood. 

Can it work though, yes, but have some skin in the game.

The advantage of porcelain and vinyl in Arizona (as opposed to real wood), is that you don't have to worry about moisture issues (or lack thereof).

I recently had a tenant move out. He claims that in a spare bedroom, which was hidden by a bed, when he moved the bed out he discovered an extremely raised section of the hardwood floors. The "peak" of the raised sect...

However, I think if you decide to do this, you should get some money up front combined with owner financing so you have some skin in the game so to speak.

Having real skin in the game is a major incentive to do the best thing for investors in a downside situation. 

However, open to invest with others outside of the DC metro area as long as they have a skin in the game ( Just following Brandon Turnner's advice)  :)What I Have Done:1.