It's very easy to finance any size property in an LLC or other corp.

Updated granite kitchen, water view, nice size lanai.

For a first time investor, unless you are buying turnkey (which would have a tenant placed already) you would likely do better acquiring a vacant property so you can choose the tenant or at least choose a property manager who will use good screening practices to choose a tenant. 

Depending upon size of property a complete treatment would cost around $500 - $750. 

We've been making efforts to reduce our major monthly expenses (down sizing house, etc). 

Cost to build an condo complex is 13000 pesos per m2 with rental grade finishes average building size is 500 m2.

Use your knowledge to check and screen the contractors, not show how smart you are up front (they wont care).

One bedroom is decent sized, the other two are 9x9 kids rooms with small closets. 

I'd begin advertising/put out the For Rent sign to start screening new tenants and I'd begin discussions about how I understand his problem and if he'll clean up this and that really good I'm happy to help by not pursing them for the rent owed if he leaves the keys on the counter and is gone by X date. 

Depending on the size of the budget, and your goals, you will have two very different investment strategies.