In my experience success in real estate, whether as an investor or provider, requires a “thick skin”.  

Lots of sensitivity to LTVs and Fico as well.

I'm working on a 53 unit deal now without banks.There are so many different ways to skin a cat in this game. 

If you read what I said, I apologized if I assumed you weren't a HML and you were.My answer is still the same, there's nothing in the deal but problems for the buying from year 3 and beyond....and if you think I was lecturing you, you have a very thin skin. 

Trump.My skin crawls just thinking about it.

From the lenders point of view, they want to see that you have "skin in the game" that way if you do run into any complications, you'd be more motivated to address them as you are invested financially in the project yourself.Regarding the tenants, I'm a bit less experienced in that regard.

I've also since realized that I don't think my personality matches up well with the thick skin needed to be a landlord, and the deals I've found (yes, I know many can say I'm not finding good enough deals) don't have a ton of room for property management fees (or if they do, they're in areas that I would never want to have to go - and I would if something ever happened w property management). 

In contrast, volatile markets experience significant price fluctuations due to economic sensitivity and high levels of speculation, leading to potential affordability issues and market corrections.

Last thoughts on being a GC, if you have a track record, it's very encouraging for investors to partner with you as you have skin in the game and can show them previous projects you completed successfully.

It sure makes sense  - the builder has no skin in the game in controlling costs whatsoever.