To the contrary, I think its a great idea but you need to be very, very careful. 

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Take care and good luck.

Be careful with pro-forma estimates, 45% operating budget on a fourplex isn't unreasonable at all.One thing I may suggest is starting to run deals like this by a commercial lender- residential lenders don't even look at the property's ability to cash flow if the buyer is strong.

@Christian Whitehead the lease terms will dictate, so read them carefully...and your state landlord-tenant laws will specify what to do....looks like you have a few city ordinances as well...so review those as well.In general, if they are truly month to month...you, as the property owner can simply elect to not renew the lease...I typically give 30-60 days and if it may turn ugly, offer cash for keys...$500 to the tenant after they are out and the unit is clean.Good luck! 

As some one trying to get into the market you must be very selective about what you invest in.

Are you able to do a careful inspection yourself? 

I can tell you to be very very careful who you work with and to vet thoroughly.

Protect the downside, the upside will take care of itself. 

took out the Managment fee and the lawn care.