It is not good business to pull income from one revenue source to cover a bad deal in another.Perhaps you need to do a better job analyzing the deals completely prior to purchasing the property. 

Right now we are comparing each location and making connections out there. 

Compared to south beach where caps are around 4% not to bad.

It would be preferred for you to have a steady job prior to investing as that gives you the best cushion for a worse case scenario.That said, rental income is income and it's you're money.

Go compare cost of living in multiple areas and you'll see it's vastly different.

Compare that to my backyard in Provo where homes are $250,000 and rent is $1100 a month.

Surprised nobody has mentioned that you shouldn't be using a cap rate to determine your offer.This is a residential property since it's under 5 units and it's value is strictly based off comps.Look what other comparable 4plex's have sold for and then decide your offer based on that.It could very well be that you're just in an area where the price to rent ratios don't make sense.

THe prices are crazy compared to what we could rent them for

When buying a property out of state, investors should always hire a 3rd party inspector to inspect prior to closing.

They are a rental guarantee insurance company that helps tenants with less than stellar credit or people that just moved to the US without prior credit history.