The collateral is so so and some have preferences such as certain asset classes they will invest in, but generally speaking, you can obtain an equity deal with very little skin in the game. 

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

Unfortunately most lack the balance sheet to obtain favorable financing, can't afford to put any skin in the game and fail to make a compelling reason for why the investment makes sense or to justify the structure they are seeking.

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. 

Note that I do not put a lot of time into due diligence until the "contract to hold" meeting, when they put some skin in the game.At the "contract to hold" meeting, I collect an amount equal to one month's rent.

Gotta have some skin in the game. 

As a 3rd-party real estate consultant that has no skin in the game other than what I charge, I provide exactly what you've described—unbiased, no-nonsense, and straightforward advice.

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.

Hi Marcus,There are many ways to skin a cat per se lolPersonally, I'd rather have volume and 10 "in da hood" where the numbers don't lie and where I know what I'm doing.Then buying using a tonne of leverage and hoping the market will appreciate."

I personally like one sponsor who has been through multiple real estate cycles without losing any investor money, puts very large amounts of skin in the game, is conservatively leveraged and has a very good 1031 exchange program.