The entire house needs a makeover and a few fixes.

It will help you see your house's potential equity and present market value more clearly.

Land in michigan is less than in texas , north texas.I will give you examples on cost differences.Material prices are the exact same price if not a little less.texas framing price per sqft $2.00plumbing $9500hvac $9500concrete Labor only $2.00 per sqft  Concrete $180yd 5 sackdrywall $10500Electric $8000Ok here are the michigan prices , better sit down.framing $13.00 sqftplumbing $25,000hvac  $20,000concrete is about the same for materialdrywall $20000electric $25000Both quotes were for a 3/2/2 home with 6/12 roof hipPeople in michigan wonder why houses are so expensive , its because of the sub contractors.The plumber only has about $5000 worth of material to do a whole house but yet there still asking for $25000

They will likely put a lien on the property for the costs of demolishing the house and hauling off the debris. 

There are lots opportunities in easy bay township or downtown Condos (where str is allowed.) direct west of TC has lots str experience opportunities (water front/ farm house , wineries), direct east close to Williamsburg has great opportunities even for long term summer rental to the horse show participant (June to Sep).

And, this should go without saying, but always defer to Fair Housing guidance, ensure you're treating everyone equally, and keep diligent records of all applications for 5 years.

Before you ever rent it stay in your house for a week and find out what is wrong with it.

Currently I own one house which is my primary residence. 

I'm looking to do a house hack and open to doing STR, mid-term or long-term rentals.

My family outgrew the home and I wanted to pull the equity prior to house prices decreasing.