If you can buy below market value, then put in modest improvements (paint, flooring, fixtures, maybe some minor updates on kitchens or baths), you can often increase rents enough to improve cash flow meaningfully.

For Real Estate Professional Status the IRS requires a contemporaneous detailed log showing date hours property and activity performed.

That it needs reno, or holds improvement potential.

To find and convert sellers you'll need to work on and improve your sales skills - mainly, you need to know what you're doing (the process), know the product (market comps), and know how to get to the closing table.

Managing turnover smoothly, finding reliable tradespeople, and setting competitive yet profitable rates are all part of the formula.If you want to compare neighborhood performance or rental estimates casually (no obligation!)

You'll develop systems that improve over time, and with the right tax strategies like depreciation and 1031 exchanges, you’ll be able to grow your wealth effectively.

Make sure you’re comfortable with the risk if the new property doesn’t perform as expected or if interest rates rise.Capital gains: Selling the quad could trigger capital gains.

Quote from @William Whitley: I have an investor client that purchased an improved property for rental and it included an additional lot.

I cannot comment on the performance of his fund though. 

Planning ahead with a CPA familiar with multi-state real estate can save you from surprises.Rehab expenses can help now: Any improvement costs you incur during the rehab phase may provide deductions or impact cost basis.