Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

Although, our team prefers this arrangement with the right Interior Designer, so that they would have skin in the game and be committed to the deal from beginning to end. (4) On flips where you use an interior designer? 

Multi-Family (40 units and up)Leveraged (Investors put up max 25%, Bank finances the rest) Value-Add (Finding ways to increase property value and rent)Cashflow Positive (Cashflow positive once stabilized) Refinance & Hold (The ability to pull out 50-100% of our initial capital while keeping the property)Skin the Game (Enough so they're not just gambling with other people's money)  The above seems doable so far by going through a syndicator, although I haven't seen many who want to buy and hold the properties for cash flow and allow investors to pull out their initial investments after a few years.

I do times 3 so I have more skin in the game rather than 4x (25%) and I feel it would work more in my favor and meet the terms better.

Skin like a Rhino.

While it is possible to successfully syndicate a deal without a track record, (1) it will take a lot longer (2) cost a lot more in marketing, advertising, etc (3) the profit split will have to be MUCH more favorable to the passive investor (4) you probably won’t be able to cover out of pocket acquisition costs upfront, but will have to wait until investors have been paid back in full and (5) you’ll will probably have to line up professional property management and won’t be able to manage and collect a management fee and finally (6) you’ll need a secure third party escrow agent to handle funds as investors will be reluctant to wire money directly to your company.Quite frankly, I just don’t see how someone without a verifiable track record of substantial investment success, a stable of investors willing to put up some initial investment capital, access to better than market deal flow, knowledge and experience to professionally analyze investment opportunities, and capital to invest to have skin in the game is going to be able to successfully syndicate deals of any size or quality.

“You have to have skin in the game.”

Then once he’s made a little money he can fully branch out on his own or the two of you could partner, both with skin in the game.  

I know I would need to have skin in the game.

With conventional financing, you will still have skin in the game.