Reason I ask if you are getting a  loan they will want to make sure you have some skin in the game.

Any lender will want your skin in the game. 

That's my job in life, to make deals work.If I see that you have a decent deal, you have skin to put in, your credit isn't total trash, that you understand what needs to be done, you have a simple concept of what to do, you come across as truthful and there is an ability to pay, well, hell, you got the money!

You also need to get rid of that GM as they can't carry any water and has no skin in the game.You can fry that GM, move him out and look to others who have the ability to perform to move in, a PM should not be in the mix of ownership without the ability to carry off their share.You and the others may end up buying, but you need to see your attorney IMO. :)

Note that I do not put a lot of time into due diligence until the "contract to hold" meeting, when they put some skin in the game.At the "contract to hold" meeting, I collect an amount equal to one month's rent.

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

It is super frustrating when you intend to invest your hard earned capital in order to provide safe and clean housing for people and in exchange you hope that the person will respect the place as it is theirs and pay you on time, but then the law is on the side of the person that has no skin in the game. 

Even banks want you to have some skin in the game.  

Here is how I think about structuring the partnership and I would like to hear your opinions:My equity partner will receive 40% of the profits for coming up with the 20-25% required for skin-in-the-game with hard money lenders.

Bottom line, this kind of seller financing is very difficult to complete and Close because banks, direct lenders, hard money lenders all want you the buyer to have skin in the game.