I truly appreciate it as I am stressing now how to solve it.do you happen to know what should I do In order to take care of this matter while trying to minimize damages?

As a wholesaler, I am a self-represented investor, and as long as I disclose in my cover letter to the seller that I am a licensed agent, self-representing, that I have a financial interest in the transaction, and that I am not representing anyone else in the transaction, I can do wholesale contracts.  

Research how brokerages function and what a sales person's role and financial responsibilities are. 

Is there any chance to receive a financial backing to move ahead with this project? 

I'm sure most of them started with the same idea as you: work part-time until they are more financially stable and then jump in full-time.

Banks/credit unions/“portfolio lenders” will usually require loan applications, financial history docs, other various paperwork before being approved and most take a bit longer to close.

(House-hack)The main reason I'm getting into real estate is not only financial freedom for myself but to get my parents retired.

Make sure there is financial incentive for the contractor to complete the job and get the last draw.

@Tom Horan It looks like @Bill S. covered things pretty well above.It is kind of ironic how many landlords, particularly older ones, are adverse to doing 'owner financing' or similar when it can *maybe* solve some of their problems. 

I work in the financial markets and have always had a passion for real estate.