@Michael Noto in the case that the shower project stretches across 2 days and say they shouldn't use it for a 3rd day to let caulk dry or something, how would you handle with the tenant? 

Then a single family came up and I went for that (the ink barely dried on the duplex closing).

Wanted to buy something to get some skin in the game!

Also, the upfront option fee is about 3% (which isn't a huge amount) but they also need some skin in the game.

I am an accredited investor, and generally the nonaccredited offerings are not as strong (i.e. the sponsor generally put very little skin the game, hike up the fees, are not as experienced, etc.).

The opportunity recently came across my desk, and I’m really considering it but have no prior experience to go with.The Board of Directors has a proven track record with a previous bank that was acquired and from what I can see they’re all fairly heavily invested in the new venture as well (skin in game).Does this cause or raise any IRS/tax related issues that I should be aware of?

This thread has pretty well dried up, but for anyone interested I will share a quick follow up. 

That way, you have skin in the game.

The HML will also look for YOU to have some skin in the game - say 20% of the rehab cost as cash on hand, so the HML might lend you only 80% of the rehab cost.

She came to me and said there was something wrong with the electric ,it was more than what the previous tenant was paying .I asked her if she used the oven , did laundry , blow dry her long hair , and kept the thermostat set to 70 degrees .