The property is in Bangor Township, about 60 miles southwest of Grand Rapids.
"Early Show" co-anchor Jeff Glor reports the local sheriff says both women had been shot multiple times and their bodies buried.
CBS News correspondent Cynthia Bowers reports Junior Lee Beebe, 34, a cousin of Amy Henslee's husband, James, was taken into custody and labeled a suspect.
Glor reports Beebe will be arraigned on two counts of murder today.
B.J. Beebe's uncle said, "All I know is they said they're going to take him to a warmer spot and said they that he was cooperating and that they was going to talk to him."
Henslee mysteriously vanished from her home Monday after putting her two young boys on the bus to school. Beebe reportedly showed up at her house between 9 and 9:30 -- something the authorities focused in on.
Cody Tanner, a neighbor of Beebe's, said, "It's pretty scary for something like this to happen right across the street. You know and I feel for the family. In a small town this, you just don't -- you hear it all the time, but you don't think it could happen here."
At this point, police are trying to determine a possible motive in the murder.
Bowers noted, on a Facebook page dedicated to Henslee's memory, condolence messages were left for a family preparing to say goodbye to the devoted wife and mother.