Depending on the market if you did that with all quadplexes you could be at 16 doors in 4 years (not including traditional investment properties you may have aquIred) with a total of $0 in downpayments its an under used loophole in the system.

Turn key property with 3% VR and 5% Maint allowance included in that CF.  

Now this does NOT include capex spend, so if it needs a new roof or if something material broke, there’s the whole two years of FCF gone.

Also new wiring will be need in the house as well for codeLights and fixture where neededHeatingOption 1Replace with a completely new furnace, duct workand gas lines (most expensive)Option 2Have wall units installed. 2 downstairs and 1 upstairsOption 3Have electric heat installed in entire houseAir conditioningIf you do option 1 heating a can installIf you do option 2 heating can have ac unit in the wall unitIf you do option 3 heating need Window unitsAppliancesNo appliances is in this bidPlumbingAll new plumbing will be added to the houseFlooringCarpet throughout home as well as vinyl in kitchen and bathroomTrimTrim installed where neededPaintRepair drywall and paint entire houseNotes:The floor is a little un level this bid does not include leveling the floor.

I found great land for a great price that is zone properly and is included in the total cost I quoted above.

That’s ARV, , number of bedrooms, rents, expenses (including any utilities), conditions and estimated repairs costs, etc ...Why?  

I have partners doing new development, spoke with some of the large developers in town (including modular builds) and the 2-4 unit angle was a hard pass. 

The property must be appraised as residential real estate, with commercial/agricultural value not included in the appraiser's market value.

Some firms will include Form 3115 with the study.

With rental property, a well worded rental agreement that requires tenants to report in a timely manner if anything goes wrong is important, including water going where is shouldn't be going.