We fixed up our first home, it was alot of sweat equity but it allowed us to get into our place cheaply!

With some planning, support and some sweat and tears, I 've been able to re-zone the propety into a triplex.

@Tony Johnson No sweat.  

It's the renovation that is way more then I expected so now I hope to make up for that with sweat equity.

Offer your sweat equity instead of cash, take little or no profit off the first flip you do together and consider that tuition.

I would LOVE to purchase the building and live in the current unit and put sweat equity into the vacant unit to rent ($1100/month) and raise rent on the lower unit if I am able to purchased $2000/month (current) to $2500/month. 

Once I get one property the idea is to build a portfolio but that will come with blood, sweat, and tears.

We raised $450,000 from investors and my syndication entity gets 50K in "sweat equity" and I invested 50K along with the investors.

But I think it makes most sense for a young and/or first time home buyer to buy it, live in it, and fix it up gradually with sweat equity.

I have seen good negotiation skills get 15% of profits with only sweat equity on a $7 million deal.