Are you both friends and have unique skill sets and are breaking up the duties of investing based on those skills?

You may not be able to break the contract this year but would recommend getting additional estimates going forward if you feel it is expensive.

Even if you rent at a break even or slight loss, if you could have 3 years of rental income offsetting your mortgage while realizing 3-6% appreciation, could be worth it, especially if you think appreciating for this area will exceed national averages.

Things break and issues occur every day of the week, uplanned. 

The property manager can make or break you, it has to be a PM that is working in that space and is comfortable there.I agree with earlier comments to look in the front and back yards to see how many old cars, abandoned junk, or treasures that aren't treasures are piling up. 

Not that I'm a proponent of borrowing just for a tax break, but the interest is a deductible expense. 

Most 3BR turnkey homes are closer to $285K and upwards, so with money more expensive, and minimum rent of $1800... possible break even scenario.

This would help you get going.You might be able to make these a  little nicer and force appreciation and a little higher rent.Either way rents will go up over time and the mortgage with remain constant.Maybe even make one unit a STR which could see higher income.I'd be ok with break even or a little bit negative on a Quad given you have 4 properties in one.If you're only breaking even you still have depreciation and other tax write off to help you out.I usually make people 3 offers.

@Joseph Binkowski - this seems overly complicated and possibly breaking a law... maybe you need a lawyer to vet this.If I were that accredited investor, I wouldn't touch any of it.

i'd pick a market close by, or that you have a personal connection to, or that you visit often.chasing cash flow by itself can lead to negative outcomes - for example, these investors bought in supposed "cash flow" markets:https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1137397-balti...hope this helps.