Is this plan pie in the sky?

[Bill B.]

I'm trying to break the paralysis of analysis. I've done one bad deal.

I see REI as the only viable way to accumulate wealth for my family's circumstances.

1. The following is in outline form so that I don’t worry as much about the prose. We have 50k to invest.
2. We have personal POF of 100k cash.
3. We don’t want to put all our eggs in one basket.
4. We live in Southern California.
5. My plan is to cash flow in Wisconsin because I have family there.
6. I believe that Scott Walker is turning the state and prices will rise.
7. I plan to purchase in emerging or low crime established areas.
8. I'm looking for properties needing little prep/rehab before renting to preserve capital. i.e. limiting to properties that need only paint and carpet and other very minor items.
9. My targets are single story SFR or single story duplexes.
10. My research is showing that market for properties meeting my criteria are anywhere from 85,000 to 150,000.
11. The aim is to have at least three properties cash flowing by the end of 2013.
12. I want to make all cash offers to acquire the properties at 80% of market or less.
13. Analysis of all prospects must determine at least $300 per month net cash after PITI, reserves for repairs, reserves for rehabs, utilities, yard maintenance, management. (what have I forgotten?)
14. The multifamily properties must have separate utilities for each unit. i.e. I have to option of tenants paying for all their own utilities.
15. After acquisition I’d pull 90% of market out at the best rate available for 15 year payoff.
16. I’d repeat steps 10 through 13 until I have at least three properties cash flowing. More if the money is there.
17. We’d save six months of net for “oh no”, (that should be about $5400 of accumulated net cash, on top of reserves)
18. Then we’d accumulate all proceeds until we have enough to purchase another using the same guidelines outlined above.
19. We’d save six months of the net for that new property. After that the net proceeds are added to the accumulation for more purchases.
20. We want to pyramid this until we have at least $10,000 per month in net rental income per month. i.e. before income taxes. That amount would allow my wife to quit working and would replace my income from a job that left town.

To the questions:
Where are the problems with the points I’ve outlined above? Blast away!! Don't hold back!!
Am I delusional? Can I really, REALLY do this?
Where do I get bulk discounts on antacids?
When does the shaking stop?
When does the sleep return?
(i.e. I'm not a know it all newbie. I'm a what am I missing, scared to death newbie.)

Thanks to all in advance.

Bill