$6K in cosmetic renovations & sweat equity.

Also, realize that his labor/"sweat equity" can't be taken as an expense when determining taxation. 

So, don't sweat the "no cashflow" thing.

Once you have that repaired, get annual termite treatments with a warranty and don't sweat it.

I don't see anything wrong with a little sweat equity. 

So, don't sweat the "no cashflow" thing.

If there is a possibility of purchasing a home for yourselves, buying something that needs a decent amount of work, put some sweat equity into it, and then move out of it into the next one.

We are looking to find a property that we can pour some sweat equity into, so it's been a bit frustrating.We are a cash buyer and can move quickly once we find the right property.Any advice on how to find these pre-flip homes? 

Probably could do slightly better if buying something that could use a little sweat equity but my 1099 job (and family/social life) is too demanding for that.PS.

Note-they are owning 50% as their "sweat equity", and will not be contributing any capital.