You need to understand that there is normally much higher turnover and expenses due to the types of renter that these properties attract.

One schedule E is likely easier.Two Schedule E: If all 4 units are the same size then you are going to have the following: Schedule E #1:  for 3 rental units that is allocated 75% of shared depreciation, expenses, etc. 

I considered starting out house hacking a MF, but it will only increase my monthly expenses, not lower them or provide cash flow. 

In some, Sponsors have rent, over the Master Lease rent, or some other means, by agreement written into the terms of the PPM, inure to the Sponsor and in one some real DST expenses are being paid for by the Sponsor so income and expense is bypassing the DST I&E.

That low loan amount is what is skewing your origination fee.

If not, well, a confused homeowner always says "No".𝗙𝗶𝗻𝗱 𝗠𝗼𝘁𝗶𝘃𝗮𝘁𝗲𝗱 𝗦𝗲𝗹𝗹𝗲𝗿𝘀: Look for property owners with a problem, in markets that favor buyers: increasing inventory, declining sales, price reductions, long days on the market.𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗲 𝗧𝗲𝗿𝗺𝘀: Decide the 𝘵𝘺𝘱𝘦 of lease option you are offering and craft the terms accordingly, agreeing on option to purchase price, lease duration, and monthly rent.𝗡𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀: Ensure your agreements are clear, legal, and protects all sides.𝗠𝗮𝗿𝗸𝗲𝘁 𝗼𝗿 𝗘𝘅𝗲𝗰𝘂𝘁𝗲: Depending upon the type of lease option and your objective, either assign the option to a buyer for a fee, or exercise it yourself when the time’s right.Lease options are a low-risk, low cost entry into real estate investing—start small, take action, then grow.

I use excel , but many times I forget to add any expenses and then it messes up the calculations.How do experienced people do it ? 

Rents continue to climb as well but likely not enough to keep up with increasing monthly mortgage payments when considering interest rates and soaring property values.There are 2 main schools of thought when considering investing in an expensive market like Long Island.- Robert Kiyosaki, Grant Cardone, and similar thinkers believe its best to invest in markets with higher cashflow while renting where you want to live.

Why do you think the value is so low to begin with?

They just put a new roof on, so that's one large expense I can budget less for early on.