I would start by attempting to understand seller motivation: if the rents make sense/cover the note and the ARV is 50k, why is the landlord selling at such a reduced price?  

(Which we would rent out once we had the 4plex)I would far prefer to own it without anyone else in the picture.  

@Terry Crocker would need pictures to be sure but it is doable.

We discuss our fees all the time and me going back and saying "There is another location that fits your criteria, but if you are interested you will have to cover my fees" is not something we are scared of.

That number seems to cover any unforeseen expenses and still walk away with a good risk/reward.

Oh, and if you are a beer guy then do we have you covered out here.

Usually it's 2 year lease - $59/mo$990/mo = $11880/yearSo, this one gets only 14% per year and he has to save CapEx for roof (it's a ranch) and other exterior covered by HOA in my first example.Third example I'll take from MLS - MF.

"I'm sorry you feel that way, but here are the walk through checklists/pictures and here are the receipts.

If you round out the complete picture here you should be able to get some detailed feedback and options. 

The problem is that they want to cover the property for $500k when it is a $50k property.