Homesteading a 4Plex

[Joshua Holkup]

Hello, 

I live in Minneapolis Minnesota. I have been looking at homesteading a 4 Plex in the Twin Cities since December of 2014. I can't seem to find the right place for me.  I am specifically looking for anything that 3 plus bedroom units (total of at least 12 bedrooms) that is fairly turnkey. I don't want to settle for less bedrooms as I realize the more bedrooms typically greater the cash flow. I am hoping to put down 3.5 to 5% in the around $500,000 to $625,000 range to leverage out as much capital as possible.  

1. Is this a smart idea or is it too risky for a first timer?

2. Should I be hung up on how many bedrooms the unit has?

3. I have waited for almost a full 2 years to purchase my first rental property, should I continue to wait until another crash and change strategies (Flip Houses)?

4. It seems like the Twin Cities market is a sellers market right now and I want to find good/great deal. Any advice? It seems like there are only 10-20 properties on the market at any given time and they typically are not great.

5. My goal would manage the property myself and collect as much cash as possible while keeping it in good condition. Is it realistic to think that I could use all my cash and sell my 4 plex to get a larger complex and pay a rental property company to manage it and live off the cash flow for the rest of my life? Has anyone else performed a two steps to financial freedom? Am I out of my mind?

Any insights would be great!