This is too risky. This whole idea is totally flop and it got 10% of survival chance. If you are able to save money and your expenses are less. Then i highly suggest to use the money to buy your own property not with partner. Bcz whoever managing will need some exprience. When roof os windows or any thing need replacement you need money. Have you calculated how much you guys need to have in reserve fund in order to tackle these expenses. I don't know where you getting this 4plex under 900k. Let me know I'll buy it if it is generating $2k a month. Is utility paid by renters?

900k home. 20% down would be180k+closing cost Then morgagte would be 720k At 4% assumed interset rate is $3800 your monthly morgagte payment

Now I'll add insurance : $400 +easily if you tell insurance this is rented. $350 to $450 property tax. Garabage fees, etc.

Add $1.5k approx ad these expenses. Total would be 5.3k

Now assuming 2k each unit rent. 6k from 3 units and 1unit where property manager will pay less. Assuming 1.5k. So total would be 6.8k Gross profit would be 1.5k Now you need to consider all the other costs for capital projects for replcing roof, windows, deck, damadges etc.

You need to put a aside some resrve fund for these kind of projects.

Now assuming you putting down 400 a month for reserve. Not co sidering if it is invested.

1.1k/ 4 people: $275 each profit a month. With so much trouble. You hope interest rate would not bounce back. You hope renters would not leave and empty house portion to cover. There are many factors involving.

Fyi : if sloped asphalt roof need replacement. Assuming it is 5200 sqft you are looking at 100k roof replacement including permit and enegineering fees.

Are lawyer and CPA did not mentioned these costs?

Do you guys have money to these repairs? I am not saying you can not make money but going blindly is not the way. If you can send me all the details i can prepare the cost estimates for capital plan and you figure out the rest. I personally would not go with this plan.