15/1 ARM with 10% down plus a 10% HELOC

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Hello BP,

I am in the process of hunting for creative financing for my first primary residence purchase. Please comment if the below scenario looks like a good combination. I want to buy a 2-4 unit multi next so this will help me save some cash for that.

$327,500 purchase price

15/1 ARM with 10% down @ 4.033% for monthly payment of $1255

10% HELOC 30 yr @ 7.74% for monthly payment of $231

Plan on paying off more than the minimum on the HELOC every month.

Quotes 30yr fixed have been coming on around 4.25 so the monthly payment will be about $1,300. So for $1455 a month or $155 more, I will be able to save $32,750 in down payment which can be used to purchase my first multi.

Thoughts? Thank you in advance for your help. Again, this is my first time purchase so if we need more information please say so!

Bill