Many ways to skin a cat.. 

Just wondering if I’m missing something here or doing something wrong because it doesn’t seem to be so cut and dry on putting a rental property into an LLC.

Another factor may be you have more dry powder than deal-flow.

We always own a piece of all the properties, to show we have skin in the game.

@Victoria S.A lot of ways to skin this cat - depends on which side of the transaction you are on.

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

You can buy with hard money and then refi with conventional but most hard money lenders want some skin in the game (>5%) with newbies. 

Hello @Nathaniel Wayman - All HML are different, but those I've worked with do require some amount of down payment ("Skin In The Game") as a percentage of the purchase price (i.e. 20%) and then they fund the other 80% and 100% of the rehab.

Does anyone think that is a reasonable request for the borrower not to have any skin in the game? 

The garage apartment is built on slab and has a history of flooding because it's built at-grade, as opposed to the main house which is elevated three or four steps above ground and has a pier and beam foundation (no history of flooding in the main house).The converted garage apartment has been gutted from the inside and is in pretty bad shape (roof needs to be replaced, some of the wood is dry rotting, etc.).