I should clarify that I didn't mean to suggest long term gains are't important or worth considering. 

I would suggest looking through the SBA website for more information and always check the credentials of someone claiming to be a licensed real estate agent or broker online in the state website where they claim license.  

My in laws have a house that they are planning to let go to foreclosure, my suggestion was a subject to deal.

The last thing I would note is your suggestion to add a 5th unit.  

Withoutknowing the details I can not suggest which would be right to add on.Several you shouldpay attention to are:- Ordinance & Law: Provides additional building coverage to deal with rebuilding costIncreases due to changes in Zoning or Building laws- Personal Injury Liability: Libel, defimation of character, wrongful imprisionment, etc.

If a rough estimate is all you need, I'd suggest doing a Google search as I'm sure there are plenty of sites that will give you such a number.

I would suggest speaking with a mortgage company, and a local bank to get their advice.

The banker suggested the seller to quit claim it to me, then the bank would get it appraised and we'd go from there. 

Let me start by saying I have not visited the property yet, I'll be doing that in the next week or so.Here are the property details.  LOCATIONMidwestern city of 140,000, within a mile of a military base and university...

I suggest you join the local REI groups to connect with other investors.