The lack of financial equity was made up through sweat equity.

I’m just about reaching my max…….trying for more sweat equity another year or 2 and then I’m sure I’ll start off loading certain responsibilities.

And it was no sweat. 

We would anticipate three ballooning loans, each with 7 year terms until the loan was paid off.In the above scenario, my contribution would be as the sweat equity partner. 

It doesn't sound like you fit either of these categories, so I think your best bet is to look elsewhere.That is good advice from Mark on how to use your time and sweat equity to get deals.

This waiting game is making us impatient so we are starting to look at SFH's with high potential for sweat equity (foreclosures, ugly, dirty, compartmentalized, but livable within 2 months).  

The figure is small enough not sweat, and large enough for some real long-term growth.  

Document everything, follow your processes, and don't sweat it. 

In your question, let's say you bought the property for $20K and you begin rehab, cleaning it up and getting it into livable condition when it was not in that condition when you bought it and you spend another $20K doing that and/or you sweat equity with your work and one day before six months runs out the original owner decides to redeem they can pay $21K into the court and get the deed immediately back. 

I am looking for my first deal in the central Mass area and will also be putting a lot of sweat equity into it.