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.  

A web site?

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.

Even forclosures are expensive in Web. so your equity amount on start up is low (I bought thru HUD, had 10% equity after closing and still had 3K in repairs w/ me as the contractor but I was looking at a long term investment and had not started my business education).  

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