The "deal-maker" has no skin in the game, yet after your initial investment has exceeded 50% profit, the "deal-maker" expects a fee of 50% of your remaining profits.

You are basically offering your friend the opportunity to buy a house, which you will then use to secure rehab financing.So if I am reading that right, he has a whole lot more skin in the game than you do.You also don't mention what your experience level is.

@Ned Carey I totally understand exactly what you are saying, but at the same time, it certainly gives the investor a heck of a lot more comfort if the project manager/partner has some skin (meaning cash in addition to their time) in the game. 

Outside investors like to see you've got 'skin in the game' before putting their own money in.

Since you're the only guarantor of the mortgage, you have more skin in the game becuase you stand to lose more than the principal in a default scenario.

Are they wanting some skin in the game from the buyer?

Banks are gonna want a real low LTV and for you to have a lotta skin in the game.

Hard money is also creative but a different form of financing which usually requires some skin in the game for the most part unless you develop a relationship with the lender and he trust your abilities based on experience with you that you can find, fix and flip properties........now you got Card Blanche to pick up deals and not put up any upfront money !!!

Plus you are going to need leverage of some type to acquire 25 properties anyway, and most lenders want you to have some skin in the game in order to get their cash.

I've been doing this a very long time and have pretty thick skin.