I would recommend fixing it and then determining whether or not to sell based on cash flow and profit after the sale.

If you get 100% of the purchase price covered then you should have sufficient funds for the closing costs based on what you're saying. 

You may want to consider really understanding construction on existing built homes and then pivot into using a trusted GC for those new builds.

Then if you still 100K off, I would start dropping the price in a big way to get to an even playing field. 

Then I’d use the cash flow to leverage future deals.

You can weed them out till you find good ones, and when you do, then you offer a 6-12 month renewal.

Then I began the remodel.

(Unless it was a rental, then you have to pay depreciation recapture as well, usually at 25%.) 

I will use the 2 weeks off I have every month to researchI have owned a rental property in the past and it was extremely lucrative for me, and I didn’t even know what I was doing then haha! 

Buy and holds is the key to true wealth with all the benefits of depreciation, appreciation, loan pay down by your tenants, leveraging the equity, cash-flow etc etc, but it often times isn't the active income that pays the bills until you build up a portfolio and even then there's the tenant management or managing your property managers.That's why I'm involved in all 3.