I assume this is a house-hack of a multi-family since you're only planning to put 3% down.

If you're local, as I am, it's also a great idea because you'll call in the same lawyer when an eviction starts taking a weird turn, and that lawyer will function more effectively if s/he was the one that taught you how to do evictions in your area.

If you're a prospective buyer of a multi-family unit, here's another tip you might find useful when you're kicking the tires on a prospective property.Don't just look at the currently occupancy, check the eviction filings for that property address (it is probably public record at the courthouse - depending on where you're located). 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

I choose the vacant lot.

I want to purchase a multi-family (four plex) to rent out, but im concerned that if I get approved for a loan it hinder my future purchases for more multi-family homes.

Having <10K will limit your options on how much real estate you can afford, though that same rule applies if someone has $100K saved up (still challenging to own a multi-million dollar complex on your own).

Looking into investing duplex and 4 plex homes. They are new. Actually preconstruction. I know the benefits are home warranty and no cap x or repairs expense needed in the beginning. I am new investor and looking...

Looking to buy my first multi family unit this winter and currently looking at the north side of Chicago.

I believe this is where these investors leave money on the table by choosing to play it safe.