How I see it working best for you with out knowing the numbers is giving up majority equity, and give up majority profits for your blood sweat and tears.

If I didn't have the time, but the money, then I would invest with a partner who will do all of the hustle and sweat equity. 

Offer sweat equity with a local flipper and pick his brains.

Also, if you are time rich and money poor, you can build a lot of sweat equity by doing the management or working on your directly owned properties and generate a higher return The downside is that of course all of that takes work and effort.

Most of the equity we put into the mansion we put in sweat equity.

In order for us regular investors to still find opportunities after all these massive events and changes, we're going to have to work together and utilize pooled resources, creative financing, sweat equity and collaborative development projects. 

For example, an initial $30K investment + a lot of sweat equity in a property in San Anselmo (with a partner) in 1999 has (through two 1031 exchanges and the infusion of about $200K in additional capital over the next 10-12 years) resulted in the ownership by mid-2012 of a free and clear property in San Rafael now worth $1.35 million and throwing off net $48,000 in cash annually with no vacancies since 2012 (other than the month we keep the place open between tenants to make improvements and repairs). 

I'm handy so I can offer sweat equity in a partnership, and I will have some cash to bring to the table as well (right now about $10K to $20K). 

Does your first purchase have any value add that you can perform the value add and extract the sweat equity? 

Put some sweat equity in it but don't get in over your head.