Personally, I think it's very smart.

Reno wise:MINI- keep kitchen cabinets and restain, new countertops, new appliance, new floors, etc.MAXI- gut kitchen, brand new cabinets, counters, appliance floors, etcMINI- reglaze tub, replace floors, clean and repaint tile, etcMAXI- gut bathrooms (2x), tile shower, glass showers (master), etcetc....and so on..What to do what to do? 

I think getting licensed while you have some down time may be a smart move.  

A smart agent will work you for that long.

I am in the process of purchasing my first home and would appreciate any guidance relating to knowing how to handle multiple-offer situations, what's a "good" worst case scenario, and if i'm blinded by rose colored glasses. 

I have been working hard but not as smart for my money.  

IE there is none  LOL.. so you have some folks that will do well but they would do well at whatever they choose and then you have the dreamers.. those that want it dream it but don't have the skill sets ,, the plain smarts etc to ever do anything in RE takes a lot of stars aligning to be successful at this.If your married you need your spouse 2000 % on board with your all emcompassing new job.. etc etc

This could also be done in 2 coats with a smart contractor that uses high quality paint. 

If the owner is smart, he will file a lien against the property since it is financed. 

Very smart!