Make THEM (potential tenant) pay the application fee so they have skin in the game. 

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

I know its ultimately up to me but just looking for advice with people who have skin in the game.

I prefer buyers that know their numbers and who have skin in the game, but also aren’t afraid of deals.

From a lenders perspective , borrowers who do not have any “skin in the game” are far less likely to see the project through in the event of a default.

Unfortunate for us newbies trying to get some skin in the game...patience is key I suppose!

However, if you're looking to test the waters --- I would start with a small SFR or a 1-4 unit that doesn't need extensive rehab to get some 'skin in the game' first.I've helped many out of state investors from BiggerPockets reach their goals in the Indianapolis Market.

@Derek V.Thanks Derek, appreciate this... and thanks for your kind words.As they say..... there are many ways to skin a cat.......What the bank has determined as its true value for me it what matters, I am not selling. 

Most hard money lenders actually require more skin in the game than conventional or FHA financing. 

Hi @Greg Junge, I agree with @Ryan Swan and think you need a bit more skin in the game or your relationship with your partner may go south pretty quickly.