If it's a pre HUD home built before June 15, 1976, I wouldn't touch is for a variety of reasons. 

You can simply say, "We evaluate many prospective tenants at our rentals and there are a variety of factors that we look at before choosing the best qualified candidate for our rentals and after talking things over with my "business partner" it was determined to make the offer to someone else". 

I've no doubt that you have a handle on how to Wholesale in Wisconsin, but the variety of laws and practice of enforcement in other states makes it unwise to make blanket statements about how to wholesale in other parts of the country.  

Imagine my surprise when I did a forum search for a variety of phrases related to this post title and got 200 results.  

They will cover the garden variety premises liability claim, but not reckless or intentional misconduct.

Working as a designer has taught me to think about problems from various angles and provided the skills to do analysis in a variety of ways (just needed to learn the formulas when it comes to numbers).

@Joe Villeneuve and @David FaulknerThanks for your answers, I knew it was a variety of reasons but I wasn't able to completely pinpoint what those reasons were.

@David Song,  many people here talk midwest market, so getting some variety of view is good. 

I would knock, and say that I was buying houses in the neighborhood and offering a variety of ways to buy the house.

If these are simply garden variety rental properties I would think you would be in the Passive Activity element of the applicable guidance, but see below for the definition of categories and the applicable interest tracing treatment accorded to each.https://www.law.cornell.edu/cfr/text/26/1.163-8T