With the appropriate deal, you can cover all your expenses and live there for free while building equity.

The roof of the 4 Plex worries me and any repairs done to the property is mine to do at contract signing.

As for the repairs and vacancy, is that covered by me the buyer or property management?

(Yes, I know how to vet PMs.)Lots of CapEx in the past two years, mostly updated units.New roofs / new plumbing in most / new HVAC / etc.)Block bombproof constructionProperty has been cranking out greatly increased cash flow each year.2016 - the true net after ALL expenses, management, and repairswas about $800/month2017 - the true net after ALL expenses, management, and repairswas about $1,200/month2018 - so far this year, the true net after ALL expenses, management, and repairs is about $1,600/monthI have actual bank statements / tax returns / P&Ls to verify all of thisMany tenants have been there for 5+ yearsVery low vacancy rateAll tenants current on rentThe negatives:Neighborhood is terrible.

The shop that is on the property is at least a 20x50 shop (this is a BIG shop) and the roof has shingles and wood siding.

The tree has caused extensive damage; beams are coming down through the ceiling, the AC is leaking, duct work is coming through the ceiling, roof is damaged, etc. 

It's best in this situation to stick to the legal script just in case it backfires.There was a podcast episode that covered something very similar, can't remember the number or guest but it was a few years back. 

Not sure if the lender is covering any costs or anything for you.

In a down market, it could be very hard to cover your expenses and then you have to wait years for appreciation.

All of their past turn overs were around 1500 - 1800 which the sec. deposits covered.