I see more people wiped out in this scenario than any other.. so while its great for you in your niche I would absolutely not advise it for beginner investors.. its a very advanced play for cashed up folks like your self. your client has no skin in the game and your behind a high cost first..

Nothing says "successful" more than adorning your person with the rarest minks/animal skins, gemstones, and precious metals, driving without regard for "the poor people" (i.e., anyone earning less than 7 figures) in your vehicle (late-model European import only), and spending time with your mistresses at your vacation homes (yes, plural...both).Actually, it's because time is the only thing that matters to me.  

I would not contradict his opinion on anything related to lot splits.However, sometimes there are more than one way to skin a cat.  

Every lender I've ever worked with will require some "skin in the game" on the purchase side.

A contractor who is willing to put skin in the game, helping ensure 1) investment property will pass all inspections, 2) perform quality work on remodel, and 3) complete job with reasonable turnaround time?

I learned from that, but I had to back out of that deal to save my skin. 

You also need to have thick skin when you discuss it with others. :) It bucks the whole idea of government-qualified retirement plans (IRA, 401k, etc).

And they are probably going to want a down payment to show you have skin in the game. 

I think I understood where you were coming from and I have a pretty thick skin. 

If someone is starting out and they aren't putting any of their own money, putting some skin in the game, I'm not seeing how they're approaching a private lender and asking someone to fund their deal.