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While I don't do a Schedule E for that property, I do have a rent check that covers the mortgage for the entire duration of the purchase and her stay there.Would that suffice?

This way if it was more time consuming, we charge more, but at the very minimum, a $150 fee will be charged.When factoring the cost, make sure that it covers the minimum time just to make it worth it to someone to do the work. 

Just make sure you have enough liability coverage ($1M if possible) to cover any sort of potential issues. 

Solution #5 would be if I could obtain an investment loan that would cover the purchase of the note, which would make me the new lendor, AND a rehab of the property.  

No one agent can cover all that.

I’m currently building a team to work with me on house flips and rentals, and I wouldn’t want this land I want for mostly personal use to mess with those goals.Some initial ideas on adding value to the property: -build a pond w/dock, add a food plot, maybe a small cabin to attract hunters/outdoorsmen-fence some or all of the area to make a small profit (enough to cover property taxes?)

2) will my rental home insurance cover my tenant's damaged car?

The percentage depends on the deal and the type of deal it is, whether they're lending on the asset (purchase price) or the post rehab ARV.The asset based lender will lend around 80% of the purchase price (after their own appraisal of the value), leaving you to cover the remaining 20%, any closing and carrying costs, plus the cost of the rehab. 

My question is, are there any programs that can help cover closing cost if your using VA loans in MI?