Unless the deal that you are getting is worth it the gamble. 

However, I am not 100 percent sure this would be consistent income so it's kind of a gamble.

Should I wait and gamble that they won’t sell so I can do a conventional loan to buy both? 

The neighborhood of the house that I did see in Brooklyn definitely isn't a Park slope or Williamsburg by any stretch of the imagination, however on my previous apartment hunting adventures, I've seen landlords rent spaces in Brooklyn in sketchy neighborhoods for $2,000+ and people (gentrifiers) pay it!

Purchase price: $318,000 Cash invested: $12,000 First investment adventure.

. - i'm looking for a small mfh in lehigh valley area and have 40k to invest. house hacking is out of the question as my family is already established in the good old garden state. i was told by a mortgage person that it'll be better for me to refinance my house (cash out refinance) to get an equity and lower my payment so i can qualify for higher loan and maybe even able to purhase 2 properties. with the current rate, my interest will likely be higher than what i have now (currently 3.5% and  have about 11 yrs left on it). would you guys recommend doing a refinance in this situation (for a first rental property) or 40k give or take enough to start REI adventure. thank you in advanced for your time and i appologized if this post is confusing for those seasoned investor.

I see it as more of a gamble than an investment.  

Should you decide to gamble on your crystal ball and you manage to achieve 100% occupancy with an average rent of $735 a unit, that puts your GRI @ $52,920.

My name is Charles and i'm beginning my real estate adventure.

I look forward to continuing my education and starting this new adventure!