More recently, my wife and I began investing in HUD repos in ’98, and did the sweat equity, buy-fix-hold thing while both still working our normal jobs, her as a Fiscal Analyst for the city, and me in Accounting & Finance for an S&P 500 company for which I’ve worked for the last 18 years.

It's blood, sweat and tears in the desert to find reliable contractors.

Just a heads up.So you calculated out you need  $6 million worth of apartments to hit your goal.A commercial loan may require 20% to 30% down in cash, cash reserves, working capital, and closing costs.You will also need earnest money cash.The lender may also require certain repairs to be done Shortly after the loan is made.The lender may also require the Property to be stabilized as far as occupancy percentage is concerned, leaving little on the bone as far as sweat equity.Good Luck!

You/Me need to become the absolute experts on this--its your blood sweat & tears. 

Is it feasible to buy the property at a real low price, and put in the sweat equity to complete the tearing down of the home in order to gain the land value?

The renters pool can be challenging but there are still cash flowing opportunities especially if you buy multi- family houses that need some sweat equity.

I'd be willing to put in some sweat equity to compensate for your time and training.

Success is a construct of forming idea, effort, blood, sweat and tears into physical existence.

Or a young couple, with sweat equity, who want to make it their forever home.

And, for those people who have more time than money, they can put in sweat equity into directly owned real estate.