My goal is long term wealth.

The goal is to pay off your mortgage in 4-10 years as opposed to just making the normal payment for another 20+ years.

There's the cost of the actual fix, PLUS the cost of managing and dealing with the project. 

at first glance does this project look like its worth taking on or should I shoot for something more turn-key as a first time investor?

Ultimately, the decision to purchase now or wait depends on your financial goals, risk tolerance, and the specific opportunities you’re considering and every situation is unique, so what works for one person may not be the best for another.

Send me a message and I'm happy to connect to go over areas to look in for your house hacking goals.- Chris Kersey 

I want to access the equity in my home for other cash flowing assets w/goals of maximizing the spread btwn the interest I'm paying on the HELOC and the interest I'm earning on the asset.One major downside is most HELOCs are adjustable rate, and I'm certain rates will be increasing even more in the near future, so finding a bank that has a rate-lock option is my hedge.I've looked into this strategy a lot, seen the comparison numbers, and am still looking into different utilization strategies. 

It's essential to evaluate each deal individually, considering factors like your specific market, property condition, and your own risk tolerance.Here's a quick summary of what you might do:70% Rule: Use this as your initial benchmark to assess deals, especially if you're looking at traditional financing with 70% LTV as a goal. 75% Rule: When you have access to lenders offering DSCR loans at 75% LTV, adjust your analysis to match this new lending option.

So, before I close on this house, I would like to hear all ideas on the best use of this money taking my goals to account. 

You will break even on this project if you are lucky.The first thing we do when presented with a deal is to simply add the purchase price to the rehab estimate.