First timer getting creative??

[Sara Holt]

I am a first-time investor, I'm looking to buy a duplex in a smaller town in Utah, the town's population is around 8.2k. I own a home currently with a conventional loan. I'm looking at a duplex and the owner offered owner financing on it, asking 10% ($34.9k) of the asking price ($349k). I believe I can do this with the upstairs rented out at $1,650 a month and $1,750 for the main floor unit. 3bed 2bath down and 3bed 1bath up. I don't have the 10% for the down but thinking of using a HELOC to get the money and then add it into the calculator. My passive income would be $262 total ($131 per unit). I want to refinance it about 12-18 months later into a bank loan. pull out money to pay off the HELOC and enough for a down on a 2nd house or duplex. Has anyone done something like this before and has insight/tips/advice?