Using property management for repairs while unit doesn't cashflow

[Cecilia Constantine]

Hi BP, newbie here reaching out for some seasoned advice,

TL;DR, The numbers: Rehab finances fell through on house-hacked multifamily and previous 10 year tenant has left the unit needing tons of TLC. Unit is vacant while searching for financing. Rent in current state: 12-1300. Upgraded unit comps: 1600+. Total monthly payment: 2900. No equity. Refinancing down to 2600 in the meantime.

The Question: Should I take the hit and enter into an annual PM contract (75-100% first months rent + 8-10% monthly fee + cost of materials) so they can get it cosmetically rent ready (not a full renovation just handyman work) and use their own tenants...

Or should I go it alone (hire handyman + cost of materials + get attorney + umbrella insurance) to keep as much of the rental income as possible to immediately rent to a couple, until I acquire the funds to fully renovate it for that rent bump?

For context:
Original plan, was to self-manage the other unit (duplex), allowing me to pick up connections, skills, and experience while house hacking. Somehow entered a short bidding war with a cash investor buying all the units in the area and got this "deal". I know, I know. Created an LLC, working on creating leases, and umbrella insurance. I acquired some business credit cards but have been denied left and right for home renovation and personal loans.

Unit is old (think pink & blue bathroom and 8x7 kitchen with floral countertops). I finally had enough footing the entire mortgage payment while searching for financing and decided to list the property on my own for a week just to see (for 1250 first and security) and got quite a few bites.

Ended up showing the unit and though I was embarrased at its state, a couple expressed high interest in moving by the first, provided it gets some cosmetic attention and a deep clean. As in replace doors, doorframes, fixtures, baseboards, cracked drywall, repair/paint kitchen cabinets, and a fresh coat of paint. See the question above.