Your capabilities and risk talorance comes into play.

@Tim Gordon I’m just risk adverse and haven’t done any of my own personal deals yet.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

The only thing I can think of is if the 4 unit property is not in the best condition or some other issue that the broker is placing it with a high risk market which would make sense to have the premium inflated to that amount. 

This is high risk and hard work with a slow and steady climb to success or sudden failure.

We would not argue with an attorney or some other professionals if they put it in writing they were willing to risk something in the grey area.

The short answer is yes, all your deductible expenses borne from depreciation can be carried forward indefinitely until you either sell the property or until you start earning net income on the property. 

If you follow these points you will greatly reduce your risk of major loss.

However, even getting this done takes a lot of maneuvering and there's a risk the seller will send a third party to secure the property when they realize its vacant and they still wont allow you access.

It really depends on your long term goals, your own personal risk tolerance, personal management tolerance etc.