I’m assuming you’re trying to compile UE 4.7 engine from source.
To my knowledge UE 4.7 engine source won’t be binary compatible with the 4.7 engine binary release (from epic launcher engine list). This means you will need to place the plugin in your project root as outlined in the instructions and compile the plugin along with your project. You can use either the 4.7 plugin source or the master zip as no significant code change has occurred between them, so both should compile without fixes. It is recommended that you compile this in your VS solution so you can see any error messages that may occur (the .sln will be visible in your project root once you generated the project solution e.g. add code to your project; see packaging instructions in the readme).
It is important to distinguish the official plugin from this one, you will likely have to disable the official plugin and add this one afterwards in your project and after you restart the unofficial plugin will be enabled.
Hope that helps!