To directly answer your question, I'd recommend splitting it up and your first deal may help you assess your appetite to continue.  

Current goal is next property to close in the next 11 months, but I want to see some great equity in it in case their is some rent suppression if the real estate bubble in China, or the Italian Banks POP.

Something to give thought of, if you are holding while not having a 9-5 desk work, you might be on the wrong or slow strategy, it all depends on appetite too.

Is the property worth holding on to for that long before you see a true return on your money or are you confident that the appreciation/loan pay down will work out greatly in your favor in the same time frame.I'm not in favor of the numbers presented but it really comes down to what your short term strategy, long term strategy, and appetite for risk are.Good luck either way. 

@April TsotsosI think as we age, our risk appetite decreases, especially since our W2 income stream is coming to an end. 

These surprise costs will put you way into the red and might not suit your risk appetite well. 

Banks appetite for these types of loans is limited now.

Sounds good on paper but always noise issues, shared utilities, yards, garages everything becomes a bone of contention.For conversions, there are codes issues with the separation of living quarters and fire suppression.

It is almost as if the US prices are artificially suppressed as both markets appear to have decoupled since 2006.

Appetite for risk, anticipated income needs, desired income...all these will play their part.Like others have said, be patient, take your time and do some serious research on the various avenues.