However, FHA rates will most likely be lower than conventional (but this can be a larger difference for different price ranges)Conventional mortgage insurance drops off automatically at 78% loan-to-value (or you can request it dropped at 80% loan-to-value with an appraisal) whereas FHA it's on there for the life of the loan. 

The layout and comps will ultimately decide which direction to go in -  but it is hard to ignore the fact that families in the price range you mentioned will sour at thought of 4 bedrooms sharing one shower.

Flippers were in the $700K range.

Has anyone used a general contractor in the west Michigan area that is willing to give a quote for price per sq ft or a range of price per sq ft for a full gut remodel?

It's super expensive and within the next few years you'll very likely have an opportunity to refi in to a rate in the 5% range.

In terms of development and flipping my friend does a lot of this and does good in the million dollar range but he uses OPM for these larger projects.

Real estate investing can be an effective way to build long-term wealth, and among the various strategies, one has gained significant popularity over the years: BRRRR. This acronym stands for Buy, Rehab, Rent, Refinan...

Title transfer fees range from $500–$2,000, and some states impose transfer taxes, though exemptions may apply.

What is your price range/down payment amount? 

So, I focused on markets where I could actually find properties within that price range.