Bought a fixer - Now what?

[Dan Madden]

We're excited, we just closed on a foreclosed cottage in a resort area in northern Michigan.  The property needs some work, but right now cash is tight.  However I'm a very handy guy.  Here's my question/concern/problem:

How can I go about providing the labor to bring the place up to snuff without shooting myself in the financial foot.  I'd want the value of my labor to reflect in the total cost basis of the property for tax purposes when I sell.    

Any suggestions appreciated.

[Stone Teran]

Unless you are operating out of a c-corp (or equiv) which you're not, paying yourself or other tricks to add your labor to cost basis does nothing for you.

>Bought a fixed - Now what?

Fix it!

and quit screwing around on biggerpockets hehe