Looking for advice on Northern MI vacation rentals

[Tammy Thompson]

In 1999, I bought a 1/4 acre lot in Northern MI. We excavated it, but in a well, septic, and slab for a single wide mobile home.  Moved the home on to the property, and never went back.  The well, septic, and electricity was never hooked up.  

My husband and I are considering using this property as our first "investment" but I'm not sure how to determine if we would be better off selling it or using it as "start up funds."  I would guess the mobile home is in major disrepair and would probably need to be removed and purchase a new one. Our other option is to leave it as vacant land and sell it. 

We plan to visit the property in the next few weeks to determine what we are "up against." Our thoughts are to get a construction loan to put the new trailer on it, have it attached to the slab, reassessed as real property, then rent it out (we have friends close to the property that would be willing to take care of it for us) or sell it.  Then use those funds to buy properties in KY where we currently live.

Any thoughts or suggestions would be greatly appreciated as we are unfamiliar with the market for vacation rentals in that area. The property is surrounded by State and National forests, 5 mins to the AuSable River and a neighborhood lake with a beach and fishing.