Is your income in a place that you could fund that for awhile until rents catch up and make it positive? 

The location and access to amenities make it a super desirable area so you need to keep an eye on inventory and competition.

I have my eye on a 4 plex I'd like to buy, renovate, rent, and hold.

THere is no template, most would probably use chatgpt but also be careful to not incorporate any contract terms etc. 

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

Yes, it is your debt to pay, the title co. just didn't catch it, and deduct it from your proceeds.

.- Important because even if tenant gets a new job and catches up, how long until they lose the new job and repeat the cycle?

Keep an eye on your debt-to-income ratio and overall leverage to avoid overextending.

I have my eye on a couple of small places that I am interested in for Air BnB.  

Using Airbnb isn't going overboard =) It really comes down to how much you need the income, and hence how important it is you get eyes on your listing so you actually get bookings.