We are currently based in Long Island City, NY (Queens) but looking to start with a multifamily purchase and house hack/ fix and flip in Hunterdon County (where my wife is from) or Somerset Co (NJ). 

Luxury Yacht (with decent expendable income) who owns a 3 year old SFH he rents out at market rate in a class B area to stable renters may make a different decision on what to do with monthly cash inflow than Just starting out on a shoestring and a prayer blue coller worker who owns a 70 year old class C that is overdue for a rehab.That is based on personal ability to meet costs when they come due and the probability that costs will come due.That being said, it's always intelligent to budget for CAPEX using real life numbers vs IRS or guesstimate numbers.You also need money for turns, which includes carrying costs when unoccupied and etc...As well as unexpected costs, such as roof damage, or early appliance failure--such as a refrigerator.Good Luck!

Most contracting companies run pretty lean and pay their subs and workers weekly.  

I would recommend trying to find a co-signer if that's an option for you.

I could never buy in to paying off our house especially when homes are so expensive in Colorado and rates being so low.

New York is going full bore on requiring state workers to have it and people are quitting their jobs over it.   

Since I would be the only co-borrower living in the property, the down payment would instead be 25%.

I live in the Colorado Springs area and would like to start investing in multifamily homes.  

I live in the Colorado Springs area and would like to start investing in multifamily homes.

Generally they start you with a 50/50 split but then also want you to have a co-agent to guide you through the first couple of properties (even if they are for yourself).