Here are the pros as i see it: easy (no purchase necessary, you know the property), likely prop 13 property tax discount, possibly below current rate loan.  

We currently own 13 rental properties and have paid off all loans/mortgages including our primary residence. 

Focus on the big-ticket items and estimate costs.Financing: Whether it's private money, hard money loans, or a traditional lender, make sure your financing is lined up.

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

Bankers will be asking for proof of this filing as you get loans in the future.https://fincen.gov/boi  

Single woman, mid 30s, small dog, 50k in student loans, decent savings, 735 credit 2.

Little cabins have very little value.Maybe try for a commercial loan as a business?

Keep the loan local.  

From a $ perspective you get the same amount of appreciation, depreciation, loan pay down, but here you have cashflow and if if a tenant moves out, you are only 50% vacant instead of 100% vacant.- Generally the same logic applies as above.  

Also looking to take a loan out on this paid off unit.