I'm treating this like a sweat equity/long term payout deal... 

Buy it right and then don't sweat it. 

They didn't like that because it doesn't decipher between materials and sweat equity. 

I'm positive that for $10k and some sweat equity the place would look pretty amazing.  

I thought that you could buy a deal, estimate rehab/holding costs fairly accurately, have the house reappraised, pay your EP back+profit and then have enough sweat equity left over for a fair LTV ratio?

Don't sweat the age thing, I've been at this since I was 23.

Good luck and don't sweat it too much.

Seems 3 or 4 k would bring high 50s or low/mid 60s based on older sections here, but I don't know your market.Your strategy seems fine, most want move in ready, but many look for a deal with sweat equity possibilities, that appears to be one. :)   

Ideally you find a slightly distressed property and you can add some sweat equity to add value to the property. 

Can someone please explain to me what a mini-mortgage is and how it works when you have a partnership on a STR and one person is the “Money” and the other is the “Sweat equity partner?”