Get with your CPA to calculate the tax implications before pulling the trigger.  

I am very eager to learn and start out and ive gone as far as finding a private money lender that is ready to pull the trigger with a remodel, and I have a couple of handy men ready to work as well. 

WIll this trigger massive selloff in Texas?

The two issues to ask about are whether this could be treated as passive income vs. active income, and whether ongoing losses would trigger problems.

If you want to BRRRR, there are some very active wholesalers in the Green Bay area I could put you in contact with if you're ready to pull the trigger.

Delaying close will trigger the inherited tenant’s unattractive lease to auto-renew for a year (I need to serve notice by end of February to prevent that).

If you have an excellently qualified prospective tenant who would be in if there was a fence, then you could pull the trigger at that point.

Being a newbie I feel I'm missing something and scared to pull the trigger there.

Folks that are pulling the trigger on investment properties right now are generally fine with near-term negative cash flow, or they are putting more than 20% down to get to equilibrium. 

The ability to pull the trigger when others run scared