He knows I am looking for my first real deal and he wants to help me get off the ground.I am willing to make some concessions in order that we split the profit in some manner knowing full well that I have no skin in the game currently and the rehab would in fact be giving me work for the winter months.Currently work is slow and steady (tis the season) however I am the sole bread winner in a family of five so I need to consider the impact on my family should I be willing to give up too much.

. - Wholesaling is also still a good option if you can find deals, because there's no skin in the game.

I went inside and took some measurements and also a closer look at some of the repair… All of the trim needs repainted throughout the house and about 1" of wall above all of the trim needs to be textured and repainted.

Nonetheless, they will want to see your track record (most important), how much skin in the game you have and a solid business plan. 

I do not buy materials and pay labor costs for a job without the customer having some skin in the game to ensure they don't screw us.  

they have no skin in the game and nothing to lose. 

For example, if the purchase price was $200K, you'd borrow $150K from the bank and the owner would finance the remaining $50K in second position.The lenders will still want to see some sort of skin in the game. 

However, you will need skin in the game.

@Chris Gravitt - You can finance 100% of construction using the value of the lot(s) as your "skin in the game".    

Even though you are qualified for 400k, most lenders want you to have "skin in the game."