This is a really nice property, that (based upon previous experience) I believe would rent instantly in the spring/summer months.Does anyone have any strategies that they use to attract good renters in the middle of winter?   

Also to the point: try to buy some EXTRA instant equity by looking for under-valued properties.

Most contractors are not business minded, they want instant gratification.

After looking over the assessment it looks like they entered a dwelling value of $0. 

Tons of things to look out for:Make sure this property is zoned for two family dwellings. 

The changes created more options for Additional Dwelling Units- which can be detached from the home (a back yard cabin). 

In Michigan you cannot turn off the Utilities in the Winter if a Tenant occupies the dwelling.

@Rob S.I completely agree with Bill Exeter, you do have two problems -- the true cost basis for your property and the depreciation basis for the dwelling structure.  

Pros: 1) Instant Equity 2) New property with low maintenanceCons:1)  Huge time commitment. 

The proper policy would be a Dwelling Fire policy (some companies call them Landlord policies) or under a commercial policy (Business Owners or Package).