:D So a bunch of brokers coke up loans and sell them via banks to the bloated secondary market GSEs using inane one-size-fits-all underwriting criteria where the originator has very little skin in the game and there are problems?!

Will you have any skin in this deal Account Closed?  

It's not as bad as it initially was but my guess is previous tenants were in there smoking for 20+ years and maybe not just cigarettes, plus there was dog urine as well....We have replaced drywall in some areas, skimcoated and painted, new textured ceilings, pulled out carpet, replaced floorboards, put down new lion boards and new LVP flooring, new paint, all new appliances.

But the lender may still require you have some skin in the game.

Even speaking as someone who lends, you would need to have some skin in the game, show knowledge in the field, and know a course of action once you have the money.

I don't know anyone with rentals in East Tacoma but I would imagine you'd need some thick skin and wouldn't be for everyone. 

Very likely, a 30-40k budget can get you alot.My last 2 rehabs were under $27kOn one I got:roof, furnace, water heater, kitchen, appliances, granite counters, bathroom, paint inside and out, knock down texture, new tile, new carpet, new doors throughout, some landscaping, new windows.

We know what agents hear from their landlords: ‘But those tenants let their kids put texture all over the carpet – they should have to pay for its replacement!’.

Investor need to bring 35% of your own skin in the game?

IE. they have some skin in the game if they try to back out in 6 months?