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This does not appear to be a model-specific issue. The important detail is that the subscription is a Free or trial subscription. Microsoft’s current requirements for serverless API deployments state that the subscription must have a valid payment method and that Free or trial subscriptions are not supported, including for models sold directly by Azure. Therefore, the failure with Phi-4-mini-instruct does not prove that Marketplace permissions or model availability are the cause.
Upgrade the subscription to Pay-As-You-Go or use another paid subscription, confirm that the Foundry resource and project are in a supported region, and retry the deployment once. If error 715-123420 still occurs on the paid subscription across multiple first-party models, open an Azure support request and include the UTC failure time, region, resource name, Activity Log correlation ID, and error code.
Also remove the full subscription ID from the public post.