I am a new investor and I am in the process of purchasing a property with my Heloc (7.75% fixed for 60 mo).

You most definitely can go in on a Fourplex with 3.5% down, primary residence, living in one of the units, find out what purchase power you have, and what the rent rolls for the other units will be to determine your cash flow. 

Most of the labor expenses I have budgeted for to outsource when I purchased the property.

Real estate investors rely on cap rates to analyze deals and compare potential returns before making a purchase.🔍 Understanding Cap Rate:- On the surface, the cap rate is one of the best ways to determine whether a deal is worth pursuing.

Purchase price: $170,000 Cash invested: $150,000 Renovation and hold plan.

After researching it a little bit I can see how its not for new investors, there seems to be a few extra ways to get burned on an auction purchase.  

Well, excluding the single family home that I am planning to rent out in NC in the next week which started as my primary home, this truly is my first multifamily home purchase with an intent to invest.Now, to answer your question, is it wise?

Make the purchase then convert to SBA loan. 

Purchase price: $196,000 Cash invested: $42,000 Sale price: $369,000 Contributors: Peter Vekselman Partner Driven, in collaboration with Seth Choate, successfully completed a deal on Pine Cone Way, Mountain Ranch, CA.

They told us the price of the renovations would be included in the purchase of the home and we were nieve enoough to believe them.