I am looking for advice from people who have done this in the past.

This includes cap ex, repairs (will a renter leave the property in the same condition you hand it off in?

I'm interested in knowing your opinions, experiences with this strategy and any advice.

I recently bought 5 pieces of land all in Michigan -- one is in Jackson and the other four are in Saginaw.

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

I am going to come at this in a different light.

I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

Did you do a variance analysis for this new build?

While Pace Morby seems to know his stuff, he puts out incredibly long videos and I didn't have time to sort through all that fluff & didn't want to pay 8k to be in his course. 

This, to me, seems impractical, and a PR nightmare.