Do you want to live on the property during the renovation?
I would strongly advise against that because it makes many things more complicated and time-consuming.
If not, you will have to live with a double financial burden for a longer period. That means you have to pay both the loan and the rent with utilities.
How long do you plan to take for the renovation?
And as building experts have already said, tools are not cheap either. You either have to buy or rent them.
And the small stuff causes a lot of trouble during construction.
As for the tools, we bought some more expensive items from good manufacturers used on Ebay that we probably would never need again later, and sold them again afterward.
The only problem is, you basically have to front the money, which can quickly run into the thousands. However, overall we hardly made any losses, if you can even speak of that, since after all we used the items properly.
With some bargains, we even made a minimal profit.