Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

Specifically, I’d love to hear about best practices for managing shared spaces, screening tenants, and setting up house rules.Additionally, I plan to split the utilities among the tenants—any advice on how to handle this efficiently would be greatly appreciated!

I'm passionate about real estate and how utilizing this asset class can enable me to build generational wealth and retire early.

Utilize financial analysis and market research to make informed investment decisions.

if you are going to do things like include utilities, or have an off street parking spot, other amenities etc, there's no reason in my mind you couldn't "charge a premium" for a premium unit/service. 

Would it be wise to buy the land with cash we have or utilize as down payment to avoid PMI?

And have you thought about building back utilities?

I have also utilized owner financing for longer periods of time, including personal residence and 2 barrier island houses on the coast of Florida.  

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

My vote is if you are going to continue to buy, you need to utilize leverage.