That amount would get you in the class C&D areas, you need thick skin to make it through that, not recommended for beginners.

I recently graduated college and am eager to get some skin the game.

If you can't get an assignment option, you can skin this cat many other ways before your last resort of double closings.

I was hoping to get 100% financing and get my down payment back at closing to move into the next transaction that I was looking at, but they insisted I keep my skin in the game.

You are trying to purchase 3 properties with no skin in the game. 

He wants me to have skin in the game, so I've agreed to invest 25% of both the purchase price and rehab costs.

Lots of nicer houses, some of which are next to houses that I can't believe are still standing, and those neighborhoods are... interesting and full of... texture.

If you found an investor to fund the DP and you got the loan (if you found a bank to do that since you have no skin in the game), then the investor would want at least 80% of the equity, more likely 90%.

They want you to have skin in the game.

Then you might get a little less based off the concept that the investment is less risky when this person puts 'skin in the game'.