They want to see the borrower have skin in the game (so that they're less likely to walk away). 

Basically this guy is saying, "ok I will take your lower price, but you need to have skin in the game, so you don't just waste my time for a couple months."

This approach should show the lender that I have skin in the game, and possibly overcome the fact that I have never flipped a house.

I've actually been approached by very experienced flippers who make hundreds of thousands on each flip (or at least claim to), and have visited some of their very impressive projects, but if they don't also put skin in the game or have an absolutely out-of-the-park deal, I'm not willing to risk my money on it.

Take action, have thick skin and be so very patient! 

Not really, if I understand correctly. 300k gets you somewhere around 1.2-1.5M ARV (20-25% skin in the game).

With that being said, you can likely handle a $100k project with $30k skin in the game if you build a relationship with some money lenders.

They want to see you with skin in the game.

Having the seller hold a second is one strategy I use for myself and clients but also remember sometimes that the seller will use that as leverage back and the price or your demands.Also realize that the first lender has to approve the seller holding a second for you.Some of then will not or will only let them hold a certain percentage and want you to put a certain amount down (skin in the game) so they lender feels you will fight for the property to keep it performing when if gets tough.Even if this property is performing it could have a bunch of deferred maintenance which is why the books have looked so profitable all these years.If you get hit with immediate capital costs in repairs today and in the next few years it can suck away all your projected cash flow and put you in a loss situation.Great if you want a loss to lower your taxable income base but not so great if you are buying it for cash flow.

I would think that they are in just as strong a position, if not stronger since they've got less skin in the game, for the same value asset that they can foreclose on, so they wouldn't care.