You might need to do some extra due diligence in making sure the money is as good as you say. 

We are having difficulty in finding the best financing structure to get the project to the finish line.

Also, this is only for 10 years, so between now and then we will need to refinance and spend those extra, saved fees anyway.The second option is to use our broker.

I wouldn't apply for a 203(k) loan unless I needed it due to extra paperwork and cost. 

I get extra rent of 25 for this system.

Is it worth the extra $?

 - I'm sure you will be successful ... my advice was intended to reduce the difficulty of your journey .... to put it bluntly, without employment you will have an uphill battle acquiring property - A job makes that task EASY (maybe your wife has a job) .... sacrifice your "lifestyle" for a few years and then live however you want when you no longer need any income beyond your investment income - for me that was a 4-5 year processOn the multi-family, I say if you like it buy it --- As for the specific numbers on the 4plex....

My plan is to just save a year's worth of extra income after PITI have been paid.

So I would use the credit card to pay for emergencies, and liquidate the other investments I have which are stocks to pay for the extra expense. 

In this market adding properties is difficult; I am finding MF is way over priced and not enough CF, at least not for me.