You'll likely also reduce your cost of living by moving to a stabilized apartment.Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years.

You should reach out to @Melissa Haworth she can get the actual numbers/rents on STRs in the area to help run your comps.Each building is different, each area is different, it is important to find accurate data to make good decisions.

If you want to build out a portfolio of multi-family rentals that cash flow to the point of not having a W2, that's one thing. 

@Robert Ellis Since you mentioned panels, have you looked into SIPs at all for your builds? 

To invest out of state successfully, focus on building a strong local team (agent, PM, contractors), automating deal analysis, and using contingencies to protect yourself.

I am a blue collar guy through and through so even though I'm now a realtor, I can never set my toolbelt down for very long before I'm needing to demo, build, and create once again.

Bonus Tip: If this quadruplex is out of state, I’d highly recommend building a reliable local team (cleaners, handymen, etc.) and maybe consider hiring a co-host or VA to help with day-to-day tasks, especially if you scale up. 

I'm currently in single family homes and apartment buildings in central and west Texas but have been evaluating a few residential assisted living homes + business / license to purchase in Austin and San Antonio.

I want to create something that adds value to the industry, so I'm looking to build a solid foundation in this field.

When you go from a single family to a Duplex, it becomes "comercial" property and according to (Michigan) the local building dept, I had to hire contractors.