I don't know why this infatuation with the word "intern" and "free"If you are 18-21 with no experience, no knowledge, nothing except to offer "sweat" equity - you would qualify as an intern - paid or not.   

I got a good deal on it and am hoping to get some sweat equity when I'm done rehabbing it.  

Purchase price is $15,000 and we plan on putting in $65,000 to $75,000 in renovation material and lots of sweat equity.  

I've heard of folks working with their contractors and using sweat equity to help with the renovations, and FHA should be OK with that, as long as the contractor oversees and takes responsibility over the project.If you want to do some work yourself, are capable of putting down a larger down payment (15% - 20%), and this is a one-unit property, consider the FannieMae HomeStyle Loan. https://www.fanniemae.com/content/guide/selling/b5..."

I've had a million and will continue, but I'm eager to actually get started without sweating stuff too much early...I learn best that way.

I would recommend getting into a small mutli family and renting out to others while they pay your mortgage and you're putting in the sweat equity.

If things appear decent enough my idea is for my husband and I to purchase and put in major sweat equity to demo and remodel.

Should I pay myself for my labor or rather keep the 'sweat equity'?

You may get a first time home buyer who wants some "sweat equity" to jump in somewhere, but here banks want close to "retail" and investors don't want to pay anywhere near "retail".Now if the investor wants to be anywhere around retail, skip the hassle of a short sale and just find the perfect one and buy it.

The only issue - since I am going to be a first-time investor, I would highly prefer to go in with a more experienced partner/investor, and put in plenty of sweat equity to the property to get it going.