Discuss with them what is common practice in your area....as far as what amount of skin you need to have in the game and what are the options and timeframes to get that back.The other skill you really need to have is knowing your rehab numbers.   

Agree with many of your pointsAs they say many ways to skin a catDetroit has markets within markets, I am focusing on those that are already rising and gentrifyingAlso not just looking at buy and hold strategy in this marketTime will tell if I succeed, will keep you poster and flag this thread in 12 months

Besides, even with the small chunk of income your friend is giving you, he has no skin in the game.

I always get irritated when people pile on with the wooulda, coulda, shoulda stuff. 

Opening the other half of the French door gives you a 5'+ wide doorway to get things through.My residence and my rental house both have steel-skin front doors (not sure which brand) which seem to work well. 

Anybody else trying to skin this cat?

Not having skin in the game doesn't bother me.

I totally agree, build that skin-tight paper trail and stay bulletproof!

Now, with private money lenders we typically do need to see some "skin in the game".

I will say they are pricey ( that's why they call it hard money) and you would need to have skin in the game.