@Jeffery Jones you understand you'll be buying Class C & D properties, not in the best of areas?

Why would an investor buy a $235,000 property that is renting for $1,400?

Talk to a CPA who specializes in real estate; they can guide you on the best structure.Decide on Your Payout MethodPersonally, I prefer a mix of methods.

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

In 2025 does it make sense to build a 4plex and house hack it or is it better to buy existing multi-family? 

Maybe I’ll buy outside sheds for each unit and rent to them.

What area are you looking to buy in?

Start with BiggerPockets Ultimate Beginners Guide (free).

@Zach Howard some copy & paste advice below:)-------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

As far as their relation with the PM goes, the PM is the agent they used when buying the said rental, agent is local to Indianapolis, as for any form of PM agreement I do not know, it may be verbal, or they have a written agreement.Thanks in advance.