Well, what this comes down to is... Who owns the properties' liabilities? Are you protecting yourself and holding the property in an LLC which you are the sole owner? OR do you own the property without that "corporate veil"?
~If you own the property personally, you have already been paid for your labor in the form of equity. Due to you working on the property, you have made the property increase in value, and the market as a whole will dictate the value of your labor. You will realize the payment for your labor when you rent/sell the property. In this light, the taxes you pay on the gain will also be deferred til sale.
~If your property is owned by an LLC, Then you would simply cut yourself a check from the LLC for skilled labor rates. Also, you would keep records of all other expenses related to the property.
The big thing about this is, no matter what way you decide to go about handling this accounting measure, the money is still the same. Wether you pay yourself now or later, your ledger balance will remain neutral. Most people can't wrap their brains arround the fact that perceived income isnt neccesarily actual income. Due to the time value of money, your best option is to go with the LLC, pay yourself now, and defer the capital gains tax to as late as possible. ie Years.
Generally, Skilled labor rates run between $17.50/hr well through $90.00.