If I were you, I would consider spending a few extra $$ and look in Rotterdam or Scotia.

Is the extra income worth it for those 4-6 months?

You will be earning rental income 2 ways and need to separate them. 

I currently earn an income of $4100 off of the property and my mortgage is $1670.  

I am not necessarily trying to avoid self employment taxes, though it's a good idea, and I want to pay tax on the earned profit after the development of the land (either myself or via a hired contractor).

As far as ther downstairs goes, since the downstairs kitchen is decent size, I was looking at walling off the dining room and making a 3rd bedroom.  3 bedroom apartments appear to rent for 750 - 1000 so I am thinking I would sacrifice the dining room for the added value of the extra bedroom. 

Thats money Not spent but its not extra income either so most people wont count that but yes it is savings.

The courses and exams are fairly easy, with the exception of Exam #3 - spend a bit of extra time studying for that one.As for being self-employed, that's a challenge many of us face.

I am aware it is not the "quickest" way to earn money in real estate, however, I am in it for building long-term wealth.

After-all, if you don't sell, you don't earn any money.You have a few logical choices.