all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

I keep hearing that costs of labor and supplies are rising (when aren't they?)

The cost of labor , materials , property taxes , inflation , interest rates  etc .

Due to inflation and the drastic increases in material, labor, and supplies, that's naturally caused carriers to rethink limits/values on file. 

And the hardest part of all this is finding sufficient labor to rehab/manage the property.

Would the person who takes on more labor to repair the property have greater preferred equity or is this usually treated differently?

Licensed with permits ~$3,250.HWT standard gas single family low efficiency without exhaust retrofit $900.Sand and stain hardwood floors, natural stain $3 per sf.Paint interior walls, ceiling trim and doors 3 tone paint scheme 2 coats $3.20 per sf (floor area cost includes paint)Click lock LVT flooring install overlay inclusive of prep and quarter round $4.50 per sf (materials and labor)Asphalt roof installation 3/1 - 800 sf bungalow with 2 layers of shingles - ~$7,900Standard porch cap replacement with 2 new precast concrete steps ~$2,500Used stove or refrigerator delivery and install $350New stove or refrigerator delivery and install $HD model specificUse this as a general guideline. 

Hopefully this gives you some direction.

Every market will vary due to labor costs. 

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