I can probably pull that together but it pretty much eats up all my reserves for emergencies and repairs to the units as they are not in need of repair but certainly dated.

Since I travel a lot as a consultant I try to use that time to catch up with the podcasts.My original plan was to keep dumping my money into the markets and in a year or 5 buy my first property when my nest egg is large enough for a down payment (typically 30% on an investor's mortage).

That's what happens to most.2 payments in the driveway, eating out, vacationing -  too comfortable.  

The additional time, complexity and  money I have to spend to drive to a more distant neighborhood in Milwaukee eats up the perceived benefits.

Here's where it gets all chicken-or-egg in my head: If I pay off the credit cards and student loans (even partially), I need less income to cover my expenses.

The numbers will always seem better in these marginal neighborhoods, but these hidden costs (i.e. move out repairs, etc.) can add up a lot and eat into your final profits. 

Keep in mind even if you can get a deal done with no money you still need some cash reserves for vacancies, repairs etc.Sometimes the best way is learn to live well within your means and save a nest egg.

Couple reasons; High fees, Tricky rules and if you are already working in real estate you probably shouldn't invest in it as well (The idea of not keeping all your eggs in one basket)  Find a knowledgeable, trustworthy fee-only financial planner to help you.  

The one thing that's going to eat away at my return is the condo association fee.

Relax, eat and drink loads because in 2017 there's much work ahead.