Which is expected to have higher maintenance/cap ex?  

I totally agree with you that these things can be expected and are going to happen.

Lilburn is a great market for a long-term buy and hold, but don't expect significant cash flow for the first few years of holding. 

The economy hasn't been great (the past 4 years), now we expect it to get better.  

Quote from @John T.: The answer is NO. 

With four plex you have to pay utilities for the hallway and common areas, also maintain and clean the common areas, because the tenants won''t.

It is extremely difficult and managing all the trades, managing the budget and the schedule to get the project completed on time as the quality level you expect.

Assuming I'd be able to use the capital on a new purchase and that new purchase would pay for itself and then some, I wouldn't expect it to also cover the debt repayment for the equity loan.

@Philip Jones we've helped our clients do over a hundred.As some of the lenders posting have pointed out, the challenges are:1) Property value and corresponding loan size2) Appraisals have much better comparables than 5 years ago, but may still be an issue.3) Property condition can be an issue via the appraisal4) Ownership seasoning - most lenders looking for 6+ months or incredible documentation for cost of improvements made.5) Most DSR lenders require professional property management.Always try a small local bank or credit union, but most will expect you to transfer your business bank accounts over to them. 

Additionally, consulting with a financial advisor experienced in international real estate investments can provide further guidance tailored to your situation.I may also be able t find a lender besides a local bank!