You inherit them but you need an application on file for each adult tenant.

@Jason DiClemente I prefer to deal with people as adults.

A little about myself; I'm currently employed full time as a GM of my family's small family entertainment business with two locations.  

Aside from what Roland mentioned about the traditional path of selling, sometimes the seller is another investor who just wants to unload their properties, other times they are adult kids who have inherited unwanted properties to not have to deal with the costs of it.

However I know a realtor I went to HS with, is it an uncommon practice or would she even entertain the idea of me asking her about the area and 4plex's?

I have entertained the thought of renting a house or condo year round that I could possibly sublet if I wanted with the thought that that would still end up being cheaper than purchasing a condo and would allow us to travel light and have a place to escape 2 at a moment's notice.

In short, if there's 6 or more adults living at a single family home, you're supposed to get a permit. 

I want to find a lender that would entertain a lower down payment on a property that should cash flow very well but I want to be out of pocket as minimal as possible. 

They will entertain using your distributions but will look at things a bit further.

Then he had his adult children and their families move in so things go ugly real quick.Thanks for the heads up about the repairs.