I love the wall color.

This is a critical bit of information you should have known before committing to buying the property.This is an extremely important issue to real estate ownership that can continue to bit you in the backside for the entire time you own the property.I am a third generation developer with a lifetime of experience with creating owner associations, CC&Rs, By-Laws, etc.It would be extremely wise if you seek the advice of a real estate attorney where the property is located that specializes in property owner associations, CC&Rs, and By-Laws.I know of a community resident that sued a neighbor because the neighbor put a light bulb greater than 60 watts in the front porch light.I know of different association that sued a homeowner because the color of the few new roof shingles to patch damages did not exactly match the faded color of the older shingles.Consulting with a lawyer may be the wisest and cheapest money you have ever invested.

Unless there's a bronze plaque on the front lawn, local people will forget about the event, in time unless you remind them.If the front yard is particularly memorable, you could alter the landscape with pathways, small fences, trees, colorful plants or even yard art.Maybe those nice guys at San Joaquin Equipment with give you a non-running John Deere Tractor to place in the front yard as a peaceful distraction (you are near Fresno, right?).

I will share the details of my associate whose sole purpose is raising capital for the "Skin in the Game."

I agree that it would be fairly difficult to secure funds with no skin in the game...in regards to points paid, they can sometimes be negotiated to be paid at the back end of the loan.

The property has ugly colors, the roof needs to be replaced, etc, etc, etc.

Also be careful about always looking to take all your cash investment out of your rentals, good way to get over leveraged, nothing wrong with having a little skin in the game and some good cash flow to protect you when markets change.

Private lenders and hard money lenders, while easier to work and more flexible with terms than conventional banks, are going to require some skin in the game, especially with neither of you having any experience.

Regarding the price color you gave, 50% performing and 70% non performing.

Might be hard to do if they owe money.Another trick is to pull out the electric meter (under cover of darkness) and take it.I have never done any of these things.