Brian, don't let it go to your head - -- ditto what Sandy said HOW do YOU do IT? Great!!!
If you don't mind, let me mention a couple of items that might help you...
TAXES: (oops didn't mean to use the big 4 letter word) Keep all of your receipts, everything!!! write down on the ticket what you used the items for. Keep everything, the tickets for the rock, the mud, the drywall screws, dump fees, gas & oil (vehicle maint.), ABS, PVC, etc. Put em in a box or file folder. This will adjust the BASIS when you sell the house. ie: you pay $200,000 for the house, you sell for 240. Tax man says you've got $40k capital gain, pls pay. But if you show you put $15,000 in parts into house to realize the gain - well you're allowed to subtract the $15k and your gain is reduced to $25K. Not bad!! Currently you're allowed to roll the capital gains into next house - they are several requirements. This lets you push the capital gain into the future. Today's code then lets you escape a portion when you're older. I suggest saving the receipts because you can't predict the future. Tax laws may change and what not. So, save the receipts - it's $$$ in your pocket. Include the receipts for rented tools, books you had to buy, etc. See a tax guy. You're in school, search out a prof. that teaches business/finance/tax and ask for a referral. I lucked out when I was younger, found a good tax guy. You might pay a few bucks, but you'll save much more.
BTW, I feel that what you are doing - buying fixer upper and doing the work - is one of the best investments a young person can make. You get to deduct your interest (on mortgage) and taxes(property) from your income taxes. This is an incredible bonus. Plus, you don't have to pay cap. gain if you buy another house (check the restrictions with your tax guy). This lets you make "Tax Free" money, for a while. (Income property is different).
Don't forget the Veteran's Administration, and lenders (Banks, SL's, Credit Unions) as sources for 'finding' houses. Varies by region, the overall economy, an so on. While in school you might want to take something along the lines of "Principles of Real Estate". In Calif. this is usu. a 3 unit course and is req'd for getting a real estate lic. - You might not want to get a license, but this class will help you now/future with your RE investments.
Oh, on the FeD taxes...once you start itemized deductions, it opens up 'other' areas, check with your TG(Tax Guy), i'm sure you're already doing this - but wanted to include it for benefit of other's.
Check local utilities and any other sources, sometimes there are rebates for buying new applicances (energy savings) and putting in insulation and thermal windows/doors. It varies.
Take pictures, as you're doing. This will help document the project.
Have a good time, And thanks again for MTC.
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