Marie Poe 's approach, but with input from @Joe Butcher (offline) I'm beginning to see that my approach does not leave much room for any unforeseen big repairs, or costly delays.It really seems like the smart move is to find properties off of MLS.

Since we try not to say no we have settled on the owner receiving the rents but we have access to a certain amount of funds at all times for the unforeseen repairs that need immediate attention.

I am doing some more due diligence on the property to see if there is any unforeseen problems. 

Every building should have some level of reserves in the event of "unforeseen" problems. 

That leaves room for profit and any unforeseen expenses.

Do you have reserve funds for unforeseen repairs once you have finished the house and placed a tenant?

When I first started out, I also used that to put up a $1000 per door for unforeseen items. 

When purchasing an existing 4plex, you essentially know what you're getting with exception of unforeseen property condition items or existing tenant issues.

Thanks Thomas, just trying to determine the best exit plan from my unforeseen circumstances.

In many unforeseen ways in your future.You are young and have PLENTY of time.