Though he would be able to finance it all himself, he has wisely chosen to have me secure my first deal on my own in terms of financing so he knows I have skin in the game (he's been burned in the past helping folks).

It is purelly asset based, rates improve the more skin (money) you put in the deal.

If the tenant has to be evicted within 12 months they will pay for the eviction expenses, which basically wipes out more than their income from the unit in a year This way they have skin in the game when it comes to finding a good tenant.

There are many ways to skin this cat-- the trick as a borrower is to show the lender the value they need to see so they don't artificially depress your values. 

Being a female,  my best advice is to make sure you have really thick skin (nothing is ever personal in business),  some people can be very supportive, but some people can be real a$$holes and just be ready for it.  

They want you to have skin in the game and make is to that if they had to take back the property they could sell it easily. 

But when they cross the line to "my way or the highway," I choose the highway because I know the right answer comes down to what works for each individual.A college degree is the sheep skin that only opens the door (for most people).

More than one way to skin the ol' REI cat.Side note, it's easy to make offers that expire in 24 or 48 hours. 

My guess is you will have very little if any skin in the game which will allow you zero leverage with investors.

I have had some that do.. but to base a business model on that as being an exit is highly risky.3. your then creating your own second with you and the trustor ( borrower) and you as the Bene ( Beneficiary) and you proceed to rip all your own cash out of the deal so in essence you have created 100% financing put in a lease option tenant and now have no real skin in the game.4. your seconds are probably of some shorter term than the first most likely. so as an underwriter of a loanwe have a 100% ltv loan first and second your now in second and if there is a default you need to clear the first.you have a lease option tenant that if they dont' pay you may need to do a judicial foreclosure to clear that document.and you as the sponsor took the money you got on the second and bought another property or took a vacation or what have you.. it becomes a house of cards and like I said highly risky.these lenders your proposing just need to be what they are capital partners and you should include them in upside to couch this as some sort of great note investment..