To buy a quad plex or not to buy a quad plex?

[Steven Laurier]

Hello everyone, a bit about myself... I currently live, work and rent in Calgary. My current plan is to either purchase a property for myself and hopefully rent out some rooms (house hack) OR! purchase a rental property, and then buy another house that I can then house hack.

I am in an interesting position and really need some input and different perspectives on my situation.

Currently considering purchasing a fully rented quadplex in Red Deer, AB area (not too far from me). The quadplex is fully managed by a property management company. Seems to be a turn-key operation! If I purchase it and have it actively managed by a property management company, Ill currently be looking at a net monthly income of about $200, after all expenses, interest and mortgage are paid. Ofcourse, over time I will increase rent and reduce expenses after which I estimate that I will have approximately $500 monthly income. 

Buying the quadplex will also qualify me for a mortgage on a personal property. If I do end up buying the quadplex and a relatively cheap house to live in for myself, I will be left with about 40k in savings. The problem I am facing is that i currently have about 50k of very low interest debt (prime rate). 

Does it make sense for me to buy two properties at once? Has anyone done that? Any input is appreciated!