Help! New To Transcribing an Entire Song

tgk03

Ain't it crazy?
Mediocre intermediate player here. There is this song, that is relatively simple that I want to transcribe.

I need to write it down because there are tricky pauses and rests. I feel of I write it down and then learn from the transcription that'd be easier. Does this make sense?

Trying to transcribe it is making my head explode. I've never transcribed an entire song. Any pointers?
 
If I need to learn a new song I'll look for a transcription that's already done and practice along with the track as many times as it takes to get it down.
I remember it better if I work it out from the recording, but if I'm in a hurry, I'll find the tab.
 
I'm trying to learn from an impromptu video performance. It's sort of a fingerstyle solo guitar thing. The tricky thing is counting thru the pauses. It appears very simple but timing is everything. I feel if I transcribe it first then I'll practice it correctly from the get go.
 
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