Steps to PrepareGet Market Data: Research comparable sales to determine the property’s value.

I thought this was simply the right thing to do and did not give a second thought to undergoing this process until after the repairs were completed.

"Leverage always wins" or whatever your claim is, is simply not true.

I've found deals in local online groups on Facebook, simply asking people for what I want. 

This also allows for property owners to more easily write-off assets that get damaged/destroyed as the value of these assets is determined as part of the study.

The answer to help you determine this is here https://www.biggerpockets.com/forums/51/topics/1164415-ne-re... ...

The Detailed Engineering Cost Estimate Approach is typically used for the purchase of used property.SURVEY OR LETTER APPROACHOnce a site inspection has been completed and all components of a property have been determined, your specialist will send a survey or letter to the contractors or subcontractors to request they provide the cost of each of the items.

The value of the property and how it’s distributed relative to ownership stakes will determine whether it counts as a taxable event, I believe(I’m not a CPA or attorney). 

If you are using a loan, well there is simply no inventory in Cleveland.

I’d recommend confirming the scope of work and checking with the Tennessee Board for Licensing Contractors to determine if a license is needed for your specific project.