It all comes down to your strategy, opinion of the market and ultimate goals.Right now I'm actively working with a client who is doing something similar to what you have mentioned. 

I'll see what I get back as a response but ultimately want to feel confident with my decision. 

Right now we own one duplex im about to cashout refi on and plan to either build or buy more rental property, plus our own single family home, ultimate goal is to get replacement passive income so my wife can quit her job.  

Ultimately I will need at least 50-60k for a down payment in my area, my current dilemma is whether to invest this money I already have into index funds while I continue saving towards that goal, or is it impractical to have all the money tied up in the case that a real estate investment opportunity came up?

My ultimate goal for that property is to build a mixed use 10unit commercial/mostly residential property.

The two have some overlapping characteristics, but are ultimately two very different markets. 

There are many different possibilities and ultimately you need to understand the goals of each member and what would be fair to each member in terms of profit splitting, etc.

Link for ours: https://www.biggerpockets.com/forums/521/topics/644064-cincinnati-meet-up-ultimate-house-hack 

Ultimately, I'm hoping I can secure a policy to insure my property as a triplex and not have to obtain three separate policies. 

Ultimately, I would like to achieve financial freedom by the time I’m 40.