This will be a big sweat equity deal, as my husband and brother are skilled in cosmetic fixes and looking to get their hands dirty.

Start networking meet people with money, make your self knowledge about a market and niche in market, put a project together and presented to the investor for sweat equity I started out like this.

Hi MichaelI wouldn't sweat the LLC portion of things.  

I renovated the property for $75,000 cash and a ton of sweat equity. 

The rehabber takes the risk, puts money and time and sweat into the property and stands to make a nice profit IF all goes well.

I second and third the need to have reserves - if something gives out on your rentals, your own property, or even your car dies or something you need to not be sweating your mortgage payments and risking your credit.That does seem like really low rent for a house - not something that would cash flow.

We started out with "sweat equity" and now focus on 80% brain equity and 20% sweat equity.Our brain equity is dealing with short sales, foreclosures and other more "gruelly" transactions.

I put in some sweat equity and had some rooms painted and landscaping.

Is $25-$50/SF doable if I put in sweat equity where I can, and buy materials myself? 

BRRR requires finding a property you can rehab and build sweat equity to the point that your refinance will generate excess cash.