POSSIBLE 4 DUPLEX 8 UNIT, HOW SHOULD I ATTEMPT 1ST DEAL?

[Desmond Alexander]

Good Evening BP Family!!! Let me start by saying I have learned so much on this website its ridiculous. I started about 5 months ago and I attended Than Merrill 3 day class and learn a ton. I am not degrading Than and his system which is pretty nice but to me over priced as most of the information I had already learned from bigger pockets.

Now, Lets jump into this possible deal. I have located a set of 4 duplex 8 units that is zoned for possibly 24 units. It sits on 1.53 acres and is close to a major University. The asking price is $750k. I haven't had a chance to go look at the property to do a repair estimate but I am local and know the area so I plan on going in the next 48hrs. I believe I would like to offer around $675k. The buildings look like they are in great shape and the insides are updated. I would like to do some small improvements with painting and cabinets and mostly the landscaping (pretty unattractive)

I have a few thousand bucks saved, but from what I have learned I need to increase my credit score as much as possible. My wife and I both have a full time job collectively bringing in about $70k a year. We have some family and friends that are pretty wealthy that we could possibly do some private lending with. I have reached out to my father and mother about investing their 401k and getting a better return so I have some options to get at least the 20% down and pay someone back with interest. 

-The property in 100% occupied doing $650 / month and $60,540/yr

-TAXES are $4,228/yr

- I have a realtor looking up comps

Am I in over my head?

Can I get a FHA loan?

Would this be considered a commercial?

What options do I have best case scenario?

Thank you for any suggestion and guidance. It is truly appreciated while I continue to learn.