After speaking to a few investors who have had skin in the game now for over a decade, several mentioned the idea of having one person (wife or myself) become a real estate professional and then start the business of investing etc.  

Is 5.4% enough skin in the game?

I feel like if I tried this the bank would laugh at me since I'd have no skin in the game; they would essentially be providing 100% financing.

I’m mostly trying to figure out where and how I can get the practice before putting full skin in the game.

Plus, 401K money basically can't be touched without penalties until you have loose skin (if I even make it that long). 

Lenders today don't like this type of closing where buyers don't have "skin in the game". 

Potential $1000Tenants pay Gas/Electric/Water/SewerExpenses:  $2824 (we use the BP calculator so this includes everything)Potential Cash flow ~ $950 including our rent for the hack and the office conversion.We have no skin in the game. 

At least as an owner with skin in the game, there is motivation to vet short term rentals guest, limit the number of occupants per unit/bedroom, keep the property in good condition with maintenance after every turn, etc. 

It seems like such a big, glowing opportunity for improvement, but it would also be a lot for a newbie such as myself to take on.

Then the random hard money folks will be more willing to lend after you have a proven model and some skin in the game.