So, as a newcomer to the real estate investment game would you say my only immediate options are the following:1). personal guarantee (relies on personal credit file)2).

Sean, You have to decide what your end game is.  

Real estate investment is not a get rich quick game and it's not a race.

It's just a numbers game.  

If there's just two units on the property, it'll be FAR simpler than adding a third.

Add all those up and you have the amount to allocate for cap ex.Many people use a much simpler system.

They want you to have done skin in the game especially if you are new.

These gave me a good introduction and game plan for allowing me to either make my own statement of work or know what the heck a contractor is giving me when I look at their statement of work.To that end, I also ordered the 'National Repair & Remodeling Estimator 2016 (National Repair and Remodeling Estimator) (National Repair & Remodeling Estimator (W/CD))'. 

The lot is fairly small and the previous owner was in the real estate game for a while and this is some of the last stuff he is tired of dealing with.

But that is part of the investing game, and threads like this make the process stimulating and enjoyable!