Not sure about MTRs.My general conclusion was that it is tough to do business in the town if your goal is to buy property as pure rentals out the gates and no intention to occupy.

Gross rent multiplier (GRM) A method that divides the purchase price by the gross annual rents when the property is 100% occupied.

There are 9 x buyers for owner occupied houses than there are investor buyers. 

2) If you do owner-occupied cashout refi for best rate, you technically have to live in the home for 12 months before renting it out. * Some responders here may suggest not worrying about that and renting it out anyways.

Purchase price: $185,000 Cash invested: $5,000 Sale price: $220,000 Occupied by my in-laws.

This vary heavily town to town. 20% down is great if buying strictly as investment but if you have a way of owner occupying I would explore that route and apply the 20% down to increasing value of property and instead using low money down loan. 

I mainly bought it for the land, do not intend to rent it out for cash flow or what not.It is currently occupied by the previous owner.

Even open houses on occupied rentals are a bad idea.If you want the highest sales price possible, you will have to list it on the MLS. 

They are all on separate parcels, paid off and occupied by long term tenants.

How much longer will it take for her to finish he cleaning and painting to her liking, while your losing rental income on the other unit by her essentially occupying 2 units?