I need a fast respond about buying/looking at a shortsale house where i live

[Avi Lang]

Hi,

i live in far rockaway NY and i live in a building and trying to get out and do house hacking.

i found this mulitfamily house a couple of blocks away from me:

https://www.redfin.com/NY/Far-Rockaway/1521-New-Ha...

http://www.zillow.com/homes/1521-New-Haven-Ave-far...

so the open house for bids are on sunday.

what should i be looking for?

can this be a good housing hacking? or should i rent the two units out?

please help me decide what i should do on one hand i rather live in  my own house and rent the other unit even if i have to pay some mortgage? 

also another important thing is that i was told they want a cash offer. the problem is that i dont have the cash i can try getting if but would need to pay the person back in less then a year. can i get a loan/mortgage after i buy the house? can i get an FHA load after i get the house?

thank you