I'm a little confused about converting utilities though.

Also, take into consideration utilities you will have to pay and routine maintenance costs too.

If you can better utilize your time in your career, that can be way more financially beneficial than the money you save with self managing.

Here's my breakdown:$120,000 sales price-$89,900 purchase-$900 closing costs (1% of purchase price)-$15,000 repairs-$7,200 realtor commissions when selling (6% of sales price)-$600 closing costs (.05% of sales price)=$6,400My numbers above do not take into consideration the cost of insurance or utilities (i.e. holding costs), the cost you would pay to your lender, or any overages to your repair budget. 

So all I will loose is the property taxes and home insurance and utilities I presume and a bit of upkeep. 

Many people forget to include utility bills while you own the house, closing costs, staging, etc.

- it's always good to see another Hoosier utilizing this great site!

Many lenders won't lend on vacant land, but lend once there is a foundation poured & utility hook up availability and approved building plans.

What type of furnace (gas boiler, electric, etc.)Are the utilities split?

I am sure you are already utilizing the resources BP has to offer.What kind of REI are you looking at?