And I was looking to put skin in the game.  

The condition of the file greatly adds to that risk as most are skinned down to bare bones and the buying investor doesn't know any better.  

More than one way to skin a cat, or get feedback. 

The point in a down payment seems to be skin in the game concept BUT if I can negotiate a contract for instant equity didn't I put skin in the game?

You've pulled the trigger and your skins peeled back as you are propelled forward by nearly 2 tons of rocket fuel.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

If people have the thick skin to deal with the tenants and the eviction process, they can make a good deal out of those properties. 

Lenders do not like to make deals with people who have not skin in the game and try to limit their exposure.  

If you do go that route, at least offer good terms for the 2nd - you're asking to make a transaction with none of your own skin in the game, so at least acknowledge that risk in the form of good terms for your financier.However, even with a seller 2nd, its going to be very difficult to find a lender who will lend against a portfolio like this if you aren't putting in anything.

He got into office with lies and the color of his skin PERIOD.