I only pay for the electricity to run the water well and the electricity to the boilers.Re-plumbedFixed a bunch of nasty cosmetic issuesAdded decksCleaned the yard and removed brush What was the outcome?

If you can find an element of distress but the property is still inhabitable then you can often times just do minor cosmetic things and get a much higher appraised value. 

I look for unfinished square footage and cosmetic update opportunities.

While the ARV didn't meet the 70% rule, what is spectacular to me is the near doubling of the purchase price earned by conducting a full cosmetic reno.  

But. realistically, are there any property in the Chicago market built in the 90's or 2000 that need just some "cosmetic" touch up? 

We’re looking for a place we can come in and do some hands on cosmetic upgrades: floors, cabinets, counters, paint, appliances, landscaping.

This is actually NOT the way I understand it at all, so I'll be interested in the answers from the pros.My understanding of "sweat equity" is that you buy a home in some sort of "fixer upper" state, so presumably at a lower price that comparable houses that don't need any work, and then proceed to do cosmetic or other updating / upgrading YOURSELF (as opposed to hiring contractors, etc).

I would suggest starting of with a B neighborhood and a property that may just need some cosmetic items. 

You wouldnt trust someone one the internet offering to give you heart surgery for free.....in the same vein do not trust someone giving you a free legal contract.

Zillow seems to add HOA's for cosmetics and worse yet, the numbers are generally very low ball as well for non condo communities.