I plan to make it a live in flip, as I’m currently renting and by moving in will greatly lower my monthly expenses while earning a little on the side from the cottage.

Maybe it isn't a 4 plex, maybe it is 2 houses on one lot, or 3, or a home with an in-law cottage that can be rented (maybe short term rental.)   

I save more when i build new cottage to rent vs buying an MLS cottage to rent out, should probably be the same in this type of building.

It is not lake front - just across the street in the VIctoria Cottages.

Gorgeous open concept cottage in a great location on the lakeLessons learned?

Mold exists in a lot of places... even on edible cheese! 

In those 5 months we make enough to pay for staying in a smaller cottage at the beach for 5 months AND the mortgage for the whole year AND all utilities and taxes....can't beat it.My tips are1.

@Jonathan New I agree with @Brian Burke and @Dan Handford ....I need a POF for a 100k beach cottage but not a 3.4 million apartment building..haha..or a 2.2 either.  

So do I, this is the house we live in 7 months of the year https://www.airbnb.com/rooms/20171285  It was built to be a winery, is 8000 SF when we are finished and  its on 15 acres, with vineyards on 3 sides,  the "basement" is not yet finished, has 12 foot ceilings and was going to be the production room and is going to be my office, it is 2200 sf...the basement...with those same views....the other 5 months we live at the coast in a cottage 3 blocks from the beach....and we MAKE money each year...we rent the home out during high season, have a 2nd set of basically everything (furniture, linens, dishes etc) we store in the garage..hire movers to swap everything out. 

They live in the main residence, and there are 2 older cottages on the property.