I would want to structure it where the GC would have skin in the game, and we would split profits once its sold. 

Thats fine because they aren't putting any skin in the game.

I just love all things that beep, glow and hum!

Good luck.....and go 'skins!

I feel sometimes if tenants have some skin in the game they are more responsible.

Really it helps validate my position going forward which is to only look at a) for buy-and-hold, true partnership JVs where the on ground partner has skin in the game, b) notes (and I buy your point on lack of leverage being a problem...but I'm reading up on hypothecation...yes I'm foreign-based but still US citizen so I don't believe any unique tax issues for me), c) fix-and-flip partnerships.

"There is more than one way to skin a cat."

How much skin are you bringing to the game?

I seriously did not want one penny because as they day, "it is no skin off my butt".

Just remember if you sell it for more than it is worth, and the market falters and is worth less than owed, the borrower can hadn the keys back to you or you could be forced to foreclose, especially if they have little skin in the game.