Below is my understanding but recommend confirming all of this with an attorney.Lease Terms and Updates: In Wisconsin, you can add clauses to the lease that spell out cleanliness expectations or even include a cleaning service if needed.

Is that including the basement or not?

Having tenants that I can screen, get on a lease I want and at a rate I want are all good things.

From there, there are a lot of other things to consider, including what your passion is for real estate.

Only thing that popped up for me and it might not ever again is that when Trump shut down the government a while ago it included HUD and I was getting nervous that payments would be delayed. 

In addition, several items can be done simultaneously (I highly recommend this to save time as time is your enemy) such as doing the exterior siding or stucco at the same time interior rough electrical and plumbing is going on.Foundation is always first and rough framing follows that (which includes windows and exterior doors).

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Additionally, it fits into my broader vision for the area, which includes developing adjacent land into 12 patio homes and two duplexes, creating a cohesive and profitable portfolio while enhancing the local community.

Other examples include Habitat for Humanity, local veterans organizations, etc.

So if you have any additional gain left over after taking the 121 exclusion, including the depreciation recapture, you can shelter the rest in a 1031 exchange.