Aside from using better criteria to underwrite their loans (increased DSCR ratios, require higher occupancy levels, no cash-out, skin in the game, pre-sales, etc.), lenders now want the borrower to commit to the loan by personally guaranteeing it.

I would basically be paying 7% interest on that money that I put aside... but I figured that if I save that much than I would at least have some flexibility to contribute to a joint venture if I got a business partner to put most of the capital in but then I would also have a little skin in the game.

They typically want to see some "skin in the game".

the downside to realtors is they have ZERO skin in the game.

The individuals from these firms that speak to the tenants do not threaten, however their size (6'5" or more) and weight (300 pounds plus), facial scars, tatoos and overall persona convince all but the extremely stupid that leaving is a good idea.

As a new investor / aspiring developer learning the ropes during this excellent time to be buying RE, I can tell you for certain it is FAR cheaper to re-skin a quality property than it is to build it.

But you need to have some skin in the game.

It's basically colored vinyl chunks set in clear vinyl, so there's no "skin" to tear like cheap vinyl flooring.

They need to have skin in the game.

I would suspect like most HML that do MI deals they will be pretty conservative on valuations and want some skin in the game.