A fair assessment.

You can get fairly good returns through mortgage notes / promissory notes and can get creative with being a debt partner or equity partner.

While inventory is usually fairly low for 2-4 unit multi-families, an interesting one just popped up. 

Lumber yards provide material take offs for wood, each sub does their own, everything else is fairly simple.

I don't know your market, but seeing your 10-12 property number sounds like a fair bit of overhead unless you're including PM costs to manage it.  

Still fairly safe neighborhood, lower middle to middle income. $100k to $200k houses, higher concentration of multi-family properties, and middle of the road apartments."

Milwaukee's landlord-tenant law's are fairly landlord friendly.

You can give sellers quick and easy....and a fair price.

If you lease option where the payments or part of the payments go to the purchase of the house, you also need a licence.If you lease option, where there is a fair market value payoff at the end of the term, and you are not going to carry paper you do not need a licence.Also- if you are selling the home on a purchase contract (could be rent to own or a lease option depending on how it is written), you might (probably) fall under the rules of replevin (repossession) and not eviction. 

By analogy, this would be like having airplane passengers wear parachutes instead of focusing on what it takes to keep the plane in the air.I think a better way to protect your equity is to:Maintain the condition of your properties and operate fairly and ethically with constant regard to the lawPurchase insurance to cover any inadvertent negligence and/or simple bad luckVest title in a business entity that fits your partner, business, and tax strategyGood luck on your purchase.