There are a tons of ways to skin the cat in RE. 

Add to that the type of tenant you have to manage and the type of maintenance that would be required (with a tenant who has no skin in the game and who has historically been unable to keep their housing, for whatever reason)--AND they'd be living literally in my back yard?  

If you have ZERO skin in the game and he is going to split the cashflow with you 50/50 for 5 years, then he is an idiot (or perhaps it is a family member willing to help you out?)

I'd recommend trying to partner with a builder that is willing to put skin in the game.

That being said, having "skin in the game" would give you the best change to receiving non-traditional financing for your investment property.  

This is why the Banks always want skin in the game.

I'd loose the cash flow, but I'd have a huge chunk to go after a multifamily and have skin in the game for raising additional capital.  

Wholesaler wants you to have skin in the game, 1% isn't enough money to not back out. 

No one has more "skin in the game" than a PMC as they have to deal with the property every day until an owner sells or fires them.Also recommend finding your own Inspector and not one referred by an agent.

Yes, commercial lenders will want to know you have enough skin in the game (down payment), enough experience, and capital reserves for vacancies/ when things break.