So a sponsor that's great for one investor will probably be terrible for another (and vice versa).I'm a conservative investor, so when I prefer sponsors that have at least one full real-estate cycle of experience, little to no money lost, low leverage, and high skin in the game.And there is a multi-family operator that has multiple real estate cycles of experience (decades) with no money lost, low 65% less LTV, and high 10%+ skin in the game.They market under 506B so are prohibited from posting publicly on the Internet and instead function by referrals.

@Clay Manship  So at the end of the day, you will have only $7,000 skin in the game on a $245,000 property?

Some are brokers that don't have any skin the game and pay 9-12%.

Jay (and many other lenders) likes for his rehabbers to have some "skin in the game", so he does not do 100% loans.  

They say, you have to have, "skin in the game."  

The basic answer is...they don't have to, particularly for new investors.HML guys need to know you have skin in the game...significant skin.  

I’d want to know the IRR for myself and any other partners, whether or not the person asking for money actually has any skin in the game, the plausibility of any forecasts or pro-forma details, the background of the person asking for money, ect….

So you're looking at a house with LTV of no greater than 70% and probably more like 60%.2) "Skin in the game". 

Bad part is that son and GF have no skin in the game if the mortgage goes into default, so be nice to them, you don't want them getting mad and walking away. 

Since I have access to $8 million to $12 million, I haven't looked at TERMS in a long time.Probably many ways to skin the cat.