Purchasing A 4 Unit Property With Negative Cash Flow. Bad Idea?

[Steven Smith]

Hello Everyone. 

I'm in the process of closing on a 4 unit building in CA in which I will live in one of the units. I will be raising rents about 8% since the current owner hasn't raised rents in a long time. Even if I eventual move out and make it investment property, I'll still be negative CF of at least $200 to $300 a month. I know that BP has guidelines about cash flow being the driving force in buying investment property. 

Would this still be a good investment since equity would grow from rents collected? 

What are your thought?

Thanks everyone!!