We would look to rent the 3/2 side for about $2,000 including water and utilities. 

I'm definitely not looking to occupy a Fannie Mae property, only pick one up as a buy and hold.

There is also the chance of offering covered parking at additional cost to tenants, storage, charging utilities back to them if they are not currently, etc. 

Utilities, internet, TV3.

Turn the lights on, put the toilet seat down, pick up the random stuff on the basement floor.

I wanted to get feedback on the best way to utilize the land.I want to build a house with hard money and either flip for resell or refinance and hold as a rental since it is about 10 minutes to Western Michigan University.I would love feedback from locals (as I live in Southern California) on which route may be best based on the area, home values and rental prices. 

.#3, I picked up on the MLS, from my real estate agent for 40k.

Before repainting everything and replacing carpeting I'd recommend picking up a good ozone generator machine at Home Depot or Lowes and running it in the apartment.

If it were me, I would put everything in storage and try to find someone that has a room that can be requisitioned for two months, pay for their utility bills and groceries, and make the best of it.

My wife and I have already utilized the MD forms and now looking for multi-units in DC so this came at the perfect time.