I also appreciate your conservative estimates - I tend to do all my numbers in "worst case" scenarios and only if they still look good will I consider moving forward. 

Since you are prepared to wait anyhow, get active and know it might take some time, but see what you can do and something good will happen.  

Those who jumped in the game on a shoestring budget (Goodwill furniture, used towels from home, etc.) will soon find out the gravy train is over.

A little goodwill goes a long way to foster healthy business relationships.

This ^^^Goodwill or SA has what you need, in like new condition for $1 each.

(You didn’t get the ice cleared off the sidewalk, you didn’t notice the broken concrete, you forgot to mention the lead paint or the asbestos.) 90% of the time you’re sued (a number I just made up, so you know it’s good.) will be caused by an action or failure to act, not the property just sitting there. 

The board may grant a license only to a person who is competent to transact that business or occupation in a manner that safeguards the interests of the public, and only after satisfactory proof of the person's competence has been presented to the board.Then you have this regulation:WI Stat § 452.01 (2018) (2) “Broker" means any person not excluded by sub. (3), who does any of the following:(a) For another person, and for commission, money, or other thing of value, negotiates or offers or attempts to negotiate, whether directly or indirectly, a sale, exchange, purchase, or rental of, or the granting or acceptance of an option to sell, exchange, purchase, or rent, an interest or estate in real estate, a time share, or a business or its goodwill, inventory, or fixtures, whether or not the business includes real property.

They won't appreciate at all, tenants will not be good, will not be in good neighborhoods, and chances are that the rehab is shoddy.

An accountant could explain it better than I could but if you think of Goodwill, they are a nonprofit organization too with millions in operating costs...

I also let long term tenants slide sometimes on the deductible as a showing of good will.