Problem with giving them away for free to tenants is that tenants won't care to leave as they have no skin in the game (they got it for free). 

Guests having skin in the game makes for better guests.

Generally HMLs will have max LTC/LTV so while you can work the numbers, there is still going to generally need to be an X % of the investment as "skin in the fame"If you have the cash, is it better to not finance repairs using a HML?

An example given is on a $100k SFR with a 15% down payment, I come in at first position at 75% and the broker takes second position at 10% At first glance, this seems like a positive since the broker will have skin in the game, but just wanted to ask you all what you thought. 

@Matthew Grisafe No money down means no skin in the game.

If you're going to make the setup better, I'd look for the following:The developer must have skin in the gameLook at the investor IRR, Annual cash on cash, and average annual return.

But since we have a good relationship, he’s someone I trust and like the idea of giving a partner like that some skin in the game to be incentivized to get things done efficiently.  

With commercial loans using community banks I've seen they usually want to see skin in the game.

You cannot survive in real estate with a skin this thin.

The buyer needs to have some skin in the game (unless the purchase price is WAY under market).