My thought is you should do what ever you can to implement a system to manage your four-plex yourself and squeeze as much profit from it as possible ( I'm not knowledgeable about your area but if you can make minor cosmetic improvements to gradualy increase the rent in one of the unit as a tester, would be worth a try ), and/or consider vacation home rental if your area supports it.

This is mostly a cosmetic rehab.  

So, definitely look at the numbers like a flipper would as well as a landlord ... as I like to say, I've flipped every property that I've ever bought, it is just that I flip them to the rental market instead of the sales market :) My "sweet spot" for SFR rentals has been 3/2, 1200-1600 SF, 1980s-1990s, no HOA, B class, cosmetic fixer that is the smallest, ugliest, most run down house on a nice street with nice homes ... boring but reliable.

All the work is cosmetic, no structural.  

This is not reality television, and while it's not brain surgery, it takes a great deal of knowledge, relationships, capital or access to it, and HUSTLE.  

LolOn the flip side, I had someone estimate a rehab of $15,000 on a 1,200 sqft home that needed mostly cosmetic repairs, but needed a kitchen and master bathroom gut.  

Hi all,i recently purchased two single family homes (adjacent properties) in Lansford, PA. the same seller owned both properties he was looking to off-load asap so i made a cash-offer and purchased both units for $15,000. i purchased so i could up-date and rent them out. the one unit need only cosmetic work and was done by myself/family- i spent $5,000 on up-dating and is now being rented out for $500 per month. 

Im facing carpel tunnel surgery with a recovery time of maybe 3-6 months. 

All other standard cosmetic updates will be done.

@Alex Olson Hi Alex, it's an 875 SF Single Family Home that needs new paint, flooring, a wall knocked down, and some cosmetic updates.