First, let me dispute one thing - commission is not in this picture, as if you are interested in 4 properties and you will for sure buy one out of four, I will be making commission. So, the answer of no has nothing to do with commission.
Now that we cleared that point -
It is only not with good faith, if this is not disclosed to the sellers. Actually, I have been thinking about this more today to see how and if you can make this work.
If you can execute this plan all at the same time (assuming you can find 4 properties that you are willing to put an offer in), you will put in a certain date (use 3 days as example), some will reply to you in a day, and ask you to reply back within 24 hours, the others will take up to 3 days to ask you for reply.
Assuming you counter all 4 within the same time frame, and all four are mediorcre, then you won't go with either one. That's fine.
If one out of the four are outstanding, then you will accept that one and go with that. That's fine also.
If all four came out great, you are accepted by all four sellers and went into contract with all four.
One thing that's not fair for the sellers is that if they don't know this is what you are doing (then it's bad faith, and it's unethical); they will have to put the prooperty as contingenty, which practically take the house out of the market; while waiting for you to decide one out of four to buy; while they have no clue this is going on. This is unethical part.
if you are ethical and disclose the fact that you have offers on the other three, I serious doubt if the seller will go with you, same reason. So, that would not work.
Assuming the sellers are desperate, they know it's your plan - since you are doing GOOD FAIITH - ane they go with this. You will have three days to put earnest money in escrow. I am sure the sellers want more than $1.00 for good faith, especially knowing the situation - then you have to put 4 X $ to escrow. I don't think you'd be thrilled about that as you want to get something for nothing.
Now assuming you paid $4.00 for earnest money on 4 properties, you now have to do inspection ($700 for termite and home inspection, and another $400 or so for appraisal) on the house, find out potential problems, and then try to negotiate for the repairs, now you are out $4400 - not your original plan, so it would not work.
If you just offer and counter offer all 4 but select only 1 to go into escrow, then you are fine.
They problem comes in when you have more than 1 rectified contract, then you are either going to have to spedn more $$ to get all four inspected, or risk not getting the inspections and risk not getting the best deal in town when all is said and done.
So, the conclusion is you might be able to do good faith offers on all 4 house, but getting 4 into escrow, all with good faith, and tries to stay in all 4 escrow until inspectoin period is finished, then it wil be costly to you - against the rule you set.
So, either it is without good faith or it can cost 4 times money, so it'd be none executable under your model