Hey @Adam McInnes,
I live in Calgary and have looked at a few fourplex's set up as student rentals. Personally I would stay away. Typically these units have been set up for international students, who aren't likely to complain to the city, but if you received complaints, these units would never pass city inspections.
The city is starting to crack down on illegal suites, so if you ever had anyone complain due to parking, noise, the amount of people in and out, etc. it wouldn't likely meet the city's standards. Make sure the numbers still work as a fourplex and not a student rental, so you have a backup plan. You will also have a lot of turnover, that as a new investor may burn you out and turn you off from real estate investing altogether. This is just my experience looking at a few student rental 4Plex's in Calgary, and I've only looked at a few, so if you find a gem it may work. The units I looked at were quite rough, and there's no way I would feel comfortable renting them to anyone. I found that the living conditions were absolutely terrible and the landlords seemed to be taking advantage of international students. Make sure you're thinking long term, it fits within your investing and morality criteria, and you have a backup plan if you ever ran into trouble with the city. Good luck!
