The cost is the smallest part of this decision.I'm not willing to mention what systems I use/used... 

But this is the bread and butter of what I do in Detroit.Pay cash, do the renovations, then refi out.As you mentioned, you need to be confident in your comps so you can put an accurate ARV on the project before you pull the trigger. 

The IRS says to keep records for your business tax deductions indicating:What you boughtWhen you bought itHow much you spentIt doesn't mention requiring paper receipts at all.

Your profile mentions that you ahve ownership in an LLC - WoodRich Hospitality Services LLC.If it is a multi-member LLC, there may be a separate partnership return required.If it is a services based business, there may be a benefit to operating it as an S-Corp to save on self-employment taxes.

Then he stops working because he was waiting on the engineering drawings to be completed.

As other have mentioned, there are a number of competent tax professionals commenting on the forums here.

If you are okay with renting for the next couple of decades, that is one thing (would not recommend) ... but if buying a home is important to you and your family, there is no reason to wait! 

I would do this with a partner on the phone who checks the records like Chris mentioned and makes sure there's no slippage.  

We try to stay on top of the most common strategies(usually mentioned in these courses) so all our clients may take advantage.

If you look back through his Tik Tok profile, he has a 3 part video where he mentions how he got started.