It's great that you're saving, but I think you should really focus on establishing good credit right now.

Definitely look at a local credit union.

(He had received over 10 grands commission acting the buyer’s agent though.)Though there are improvement could be done to the property (install an additional bathroom, update kitchens, add compressor for A/C), given we bought it at a retail price, probably it’s not an option to make these updates and sell it.Any advice would be greatly appreciated!

By my understanding is that you cannot borrow a conventional loan from a bank for a property that needs to be improved or made habitable.

We are exploring a construction Loan and home equity line of credit.

We are exploring a construction Loan and home equity line of credit.

@Jocelyn Ahuja the east Austin area is improving rapidly.  

I have been performing a mixture of both sales and limited property management in 2017.About 13 months ago : I was property managing about 35 – 38 doorsNow I’m down to about 16 doors.Property mgmt doors decrease has allowed me more time for my own personal improvements.( More sleep , less time in the automotive shops for vehicles repairs )

Let tenants know what progress is being made,, and that you will credit the days of non use off their upcoming rents..Download your landlord tenant laws for your state,, this is a disaster not an average repair problem so understand what your rights are and what your tenants rights are.. 

I used 0% interest credit card promo to finance $20k utilities to the property and it still needs 10K to get it in mint completed condition.