Having learned a lot with the first purchase, I'll be doing the rehab on the next rental differently...more conservatively...more sweat equity on the simpler things (demo, painting, kitchen installs, etc.). 

Don't sweat it.

And unless you force appreciation through sweat equity or contracting with rehabbers, the natural appreciation rate in the near term may not bring you to a 80% LTV. 

Dealing with those that received lump sums from any source is an indication they lack the ability to save, the skin in the game carries less weight than if it had been saved over time, with the blood, sweat and tears.

Syndicates have acquisition fees for syndicator, plus asset management fees, plus sweat equity type ownership etc...Swanny

Again, I agree with Adrian - finishing an attic around here will be a lot higher than 10-20k even with sweat equity.

This business is about perseverance, improvising, and some times adding a little sweat equity.  

I put a lot of my own blood, sweat and tears into the renovation and really tried to make it a place that we could enjoy while keeping in mind that it would ultimately become a rental...so I thought. 

Search on youtube for videos on how to correctly "sweat copper pipe".For that matter, though, I see ZERO point to the ball valves.  

I have put blood sweat and tears into it because my goal was to cash flow $2,500 a month to give to my mom and retire her.