So something that looks great to one will look terrible to another and vice versa.I'm a conservative investor, and so I generally want to see full real estate cycle experience with little to no money lost, conservative leverage, high skin the game and sponsor splits that are fair and don't incentivize them to take increased risk with my money.

They have more skin in the game then you do.Make sure you get clear title.

Skin in the game baby.

So they're saying we want you to have skin in the game of 30 percent, so we'll lend you 70 percent of after repair value, but we won't give anything more than that takes equities out, because we're looking at a correction in the marketplace.

HML usually want you to have skin in the game as in down here they may want 20% plus 2 to 3 points so that will cost you 64k down payment plus 5200 for 2 points and then they will want at least 10% for doing the deal per month 2166.66 per month and then of course you have the rehab (another possible 30k+-) and finally the closing cost. 

You get paid 10% of the rehab cost for managing the project.All profits after these and other expenses are divided according to the monetary contribution.This way you get paid fairly for the active work you do, but since that doesn't give you skin in the game your pay for that is not based on the profit but the work you accomplish. 

It's not impossible to do what you're talking about but it's challenging to say the least as honestly $15k is not a lot of 'skin in the game' given your current life scenario, experience level, age (I'm assuming) etc. 

Reality is 50% from somewhere else on the application and "skin" is always a factor.

But buying wrong will tempt you to cut corners on repairs, cause you to have to sell further below market, and worst of all, stop making those loan payments and lose the property entirely (including your entire investment which we call 'skin in the game.)

I'm not just sitting and reading and learning, I have skin in the game and went for it.