Biting off more than I can chew - 2 big deals at once?

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Hi all. First real serious question so far. I've been mostly just reading, chatted a little about Boyle Heights but this week things just got real...

My brother and I have been trying to get a deal done for 3-4 months and things keep falling through but we're learning a lot and building relationships with lenders etc. Long story how we got here but this time we got an offer accepted and actually have 2 forms of financing already lined up (both a  portfolio and a  hard money lender provided proof of funds letters before we submitted our offer). Then right after, our realtor suggested yet another property which looks like an even better deal...but it's a bigger deal and more intimidating. I want to do both but am not sure if we can pull it off...or if we should.

Deal 1 (offer accepted)

650k 3-units property with $900/mo coming in on each 2 bedroom unit ($2,700 total, well below market). 

I live essentially rent free in China so this was a great opportunity for me personally. In the short term it will probably cost me about $800/mo to start building up some equity and with a year I expect to be able to get the rent up to where it pays for itself.

Deal 2

A giant two floor 8 bedroom home (rent controlled but currently vacant) with a detached 2 bedroom in the back...we could totally cash flow on it with that front unit and slowly acquire this crazy 750k home super near downtown but there's no way I could swing the traditional financing without first having it rented so I could count that income so...bridge loan to get in and then refinance once it's rented? Our Realtor seems to think that's reasonable but the numbers are kinda scary.

Is this an insane idea? On paper it seems like it could all work and within 6 months we could have a 750k home at least paying for itself, actually cash flowing in LA if we had a regular loan and another 3 units  that would not be costing much and could cash flow within a year or so (as we get chances to raise the rents, especially when the one unit goes empty）

The size of the numbers kinda freaks me out