UMich MRC vs. Honors Program

Hi everyone,
I was recently accepted into the University of Michigan and have been looking into my options. So far, the Michigan Research Community and the Honors Program stand out to me. I received an email inviting me to apply to the Honors Program and I’m sure it will look good on my application when I eventually apply to med school, but the MRC holds more appeal for me. Is it possible to do both? Also if I did, do you have any idea which dorm I’d stay in? I’d also like to do an exchange my junior year and I’m not sure if these programs would be in conflict with studying abroad. One more question, does the MRC pay students for the time they research?
Thank you!