Freddy:
-Teleportation:This can be very annoy with Michael
-Telekinesis

on't known how this work
-Regenerationn:Michael can't bypass Freddy regen,especially with just a small knife
-Fire Manipulation:Same for Telekinesis but Michael no familiar with being burned to death.
Michael:
-Pain Inhibition means Freddy also can't kill him with just a gloves consider he has tanked much worst
-Immortality and regen may help Michael in a long-run fight.But Freddy fight with Jason,who is much more stronger,durable,faster,better regen and immortality and harder to kills.
However,Michael can:
-Possess him
-Create illusion to trick him
-Michael can easily sneak up to Freddy if he lose his guard.
-Michael also got very good reflex,he can disarms Freddy by taking away his gloves.
-Not to mention,Michael is much smarter than Jason,he can form out complex plans,strategies.Freddy is overconfident and rather toy with his victims than just go straight to killing.Michael can trick Freddy into his trap by play dead to kill him.If Michael realized that knife swinging is not enough to kill Freddy,he just can crush his head,decapitate him into multiple parts.