I.e. investors that self-direct seem to prefer direct investments into a single property versus diversification into a strategy (it's also harder to underwrite a manager / strategy than it is a single investment) - that's my personal experience. 

In addition to the potential tax savings you also have the ability to provide diversification into your portfolio to mitigate risk such as vacancy, 2 months of vacancy on 1 property paid in cash will have a far greater negative impact then 2 months of vacancy on 1 of your 4 properties. 

But it is a good diversification with a very low risk.

I would seek out a 4plex and allocate units as follows to achieve diversification 1.

Reason I mention it is for diversification.