If you plan to hold the rental for a long period of time it is better to start a little later knowing you have purchased in a location that you are comfortable with.

Not familiar with Wisconsin statutes, but "as is where is" means there is no recourse for monetary damages should you later find problems with the premises, and the seller will not repair any issues you find with your inspection.

He called me later in the day to say the roof is damaged by hail, and he’s gonna call his insurance.

I thought I was purchasing a multi-family home with 2 units and a semi finished basement that I would later renovate into another unit.

Thinking to value add missing washer/dryer hookups to the other unit later. 

It will be moved into an LLC later if I do that.  

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

If I pay the 3.5 and saved the other 16.5% for reserves could I pay more down later?

If you are short on funds, your account can take out a non-recourse loan.While these accounts may not be advantageous now, they certainly can offer a higher ROI later when you are investing in things like real estate, notes and private placements.

With it being so large, did you live in it full time, or was it always a vacation home and then later turned rented?