It may also help keep the litigation target off your back.As always, check with your competent legal counsel--not all attorneys speak fluent "trust function and formation".

I’d recommend starting with resources like Short-Term Rental, Long-Term Wealth by Avery Carl and real estate podcasts like BiggerPockets, connecting with investors in vacation rental groups, and researching reliable management companies in your target areas to make the process as hands-off as possible.

.: Hello all,My wife and I are a first time RE investor and have narrowed down to Columbus as our target market.

One other positive side effect of having leverage on the property is that it is less of a target for a potential lawsuit.At the end of the day it really comes down to your objectives and goals as well as your personal preferences and comfort level.

Don’t call the random agent down the street with the company that advertises on TV.

If not feasible, consider increasing rent, reducing purchase price, incorporating future benefits, or targeting multifamily properties.

BUT, refinance/heloc/2nd mortgage appraisals do not have a contract price to help target the value you are seeking. 

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan. 

If you want me to give you a quote, I'd need to know the address, 1st lien details (type of loan, balance, interest rate), credit score, income/DTI details, and target LTV (can go up to 80% CLTV on the 4plex). 

Depending on where you are, you might have a different target renter than I do.I have a couple properties we are looking to develop on, I'll send you a PM