Red - no legal trails right by Waters itself. But, several options not far away. Do a search for Michigan Department of Natural resources - you will find a link to maps of all trails inthe state (I dont have the URL handy or i would give it to you now).
Closest trails to waters would be lets see...Bear lake north east of there.... Atlanta, Mio, Hunt Creek not to far either. West Higgins lake loop not to far. If you have not already, do a post in the regional areas, eastern chapters, Michigan Trail Riders section on DRN. there you will get a ton of replies!