Have some white, milky looking substance on the dip stick

White nail polish. Slap it on the end of your dipstick and you’ll be good to go

You need to run a compression check on the cylinders and see if you have a head gasket leaking or an intake gasket leak. Milky look to the dipstick can only mean one thing and that is water in the oil and maybe the leak is just starting. It might be condensate but if it is it is not normal. If you don't find a problem I would check regular to make sure it is not getting worse.

If you have overheated your car recently, then you possibly have a blown head gasket. Take off your oil fill cap (with engine off) and inspect to see if there is a milky substance underneath the cap. If so, bad news- head gasket. You can also check the oil dipstick for the same substance to verify bad head gasket, but usually it has to be pretty bad (gasket) or driven for a while before exhibiting any signs. The oil fill cap is a pretty good indicator. With the car cool, you can open the radiator cap and look and smell for anything other than coolant (fuel smell or oil slick). If so, probable head gasket.

You need to check the oil and see if the dipstick shows overfill on oil or if you see the white milky substance on the dipstick you may have a blown intake gasket or head gaskets. I would think it sounds like a blown head gasket. Hope this helps.
If you are adding water to the system you have a problem somewhere you might want to run a compression check on the cylinders to see if you have a intake gasket leak or a head leak. How hot did the car get because you might have cracked a head. If you don't see the water in the oil it may be exhausting out the tail pipe.

Milky substance on your dip stick indicates contamination in your engine oil, most likely coolant and that is an indication of head gasket, or intake gasket gone bad and coolant leaking into your oil system. Note that coolant in your engine oil is bad, coolant will corrode the internal engine's bearing causing you to replace or overhaul the engine. The engine not starting is most likely the result of being blown and will need to be replaced.
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bad head gasket or cracked cyl head coolant getting in cyl

The dipstick can be pulled out of the block with a pair of vicegrips and the new one driven down into the block. Before trying to pull the dipstick tube out make sure it is not held onto the block with a small bolt.

Sounds like your head gasket is broken. I would check your dip stick where you check your oil level. Look if the oil is milky (oil and antifreeze mixed). if it's just oil it would be just brown.

Wankel Rotary engine guys no headers or gaskets

This milky substance does not affect engine performance or any other functions of the vehicle. During cold weather, moisture contained in blow-by gases (exhaust , oil, fuel, water vapor) is cooled by the intermediate housing wall and condenses due to difference in temperature. A chemical reaction between the moisture reacts and the engine oil in the intermediate housing will yield the milky fluid. This fluid then eventually dissipates
as the engine warms up to full operating temperature.

The milky fluid does not affect the quality of the engine oil and therefore the engine performance is not affected either. Mazda has verified that the amount of moisture in the oil is within the acceptable standard for motor oils commonly found in the market.

However, you should verify that the coolant reservoir is full and that there is no sign of engine coolant leakage.

You can also go to you Mazda dealer and ask for a new oil level gauge tube plastic insert which has been developed as a countermeasure to keep the milky substance off of the dipstick (however, the substance will still be in there- it's a cosmetic fix only).

Hope this helps

Yes this is a potential problem,

1.) moisture from not changing your oil often or car was sitting.
2.) Head gasket is blown causing coolant to blow through into oil.

When you pull dip stick is there white creamy substance on the dipstick