Contractor to fix up and brr properties. Tax Free?

[Mason Scholtes]

I have been in high end construction for years and have remodeled many houses. I want to get into remodeling houses for myself BRRRR style.

I plan to buy a property in the $50k range that is in rough shape, put $50k of materials into it with me doing all the work and refinance the remodeled home with the value of $200k.  when I refinance and take $150k out on the property would I have to pay any taxes on the $50,000 profit?  Or would it be deferred until I sell the property?

Has anyone done this full time, property after property? I would love to hear any suggestions/insights.  Thanks