If you go the BRRRR (or as I call it 'DIY') route, you take on a lot more risk but you get more control and could end up with a higher return.So both options are absolutely viable, it's just a matter of what your goals and needs are.

Check state law, while you think this would be a commercial loan, it may not be due to the type of property and it being funded by equity, that's an installment purchase. 

It would be nice to spare the cost of installing all of these as hard-wired and interconnected.

You would just need to install water and sewer for the second half.  

If so you will need to install a footer first.

There are things I wouldn't have to do such as carpeting because my local hardware store installs for free with purchase of carpet, etc.

We'll operate a bed & breakfast with 3-4 high-end guest suites, install a dedicated 2BR apartment to stabilize cash flow, and open a gallery and event space tied to the local artist community.

Also install gutters.

Let's see - $7K in damage done by a tenant in one unit, others had a roof repair, a floor replacement, a new shower/tub liner installation/spackle/paint job, insulation in the basement, 2 dryer repairs, a door replacement, a bathtub/shower refinishing, and a 3 month vacancy....I'm sure there was more, but I've chosen to block it out ;)All properties except 1 were cash flowing, but so much outflow in one year was a disaster.

Agreement for Deed or Installment Land Sales There are two statutes that make an entire land contract voidable.