@Drew DonovanOption 1 will likely allow you to have the least skin in the game once the plan is executed. 

She would have skin in the game.

You have no skin in the game.

SO for those of you beginners who don't have much cash and you want to flip a house, here's a 3-step process on how you can do your first fix-n-flip with no cash out of your pocket:Step 1: Raise Your Downpayment Using a BUSINESS LINE OF CREDITHard money lenders require that you have "skin in the game" or downpayment.

Im thinking...if he comes in with half the skin...I can treated as a normal JV 50/50 or 60/40 @Nnabuenyi Anigbogu@J Scott

It'd be best to cut all the expenses you can and save up enough cash so you have significant "skin in the game" or even fund the deal yourself. 

@Steve Rozenberg  VERY good post.I was on the receiving end of undercapitalized investors.. and Like most of us HML who had substantial loan portfolios pre 07 we came to understand that those with no or little skin in the game are bad risks regardless of their FICO score. 

I understand a lot of lenders want the rehabber to have some skin in the game, but is it stupid to search out a person who group who doesn't?

What skin in the game will you have?

If I try to stitch something together without ownership, it will fall apart because people sense that I don't have skin in the game.