Yes, even if the OF deal isn't on your credit, it would reflect on your bank statements and your tax returns.Biggest tip - get the property appraised so you don't overpay.  

Personally, I would walk away, but he's emotionally invested, so, I'm trying to give him at least some tips, where he should ask for changes in the contract, which probably won't happen. 

So going with your plan you have two years to get credit.

We are graciously open to any tips and suggestions that will yield success to our business and are willing hustle to gain as much experience and insight in the world of real estate as possible.

Thank you Chris T. for the great tips.

Welcome, @James Chung.Just a "quick tip." 

As for my experience, having a 800 credit score really helped me in being approved by a 2nd Mortgage.

Another option is talk to a local credit union and have them do a construction loan.  

Thank you all for the warm welcome and tips!

My current propert(ies) needs approximately $20,000 to $30,000 to be in tip top shape.