Loan options for purchasing side-by-side triplexes

[Scott Ellis]

I'm looking at a deal involving two triplexes.  They're separate parcels, each priced at $139K, but the seller is selling them together for $278K.

My wife is in grad school and we're considering this deal for the opportunity to move into one unit and slowly transition the other units into student housing for others in her program.  However, not owner-occupying isn't a deal breaker.

Any advice on how to pursue financing?

• 1 FHA and one conventional? (this would be my preference)
• 1 commercial loan that covers both properties?
• 2 convential 30yrs.  

I like the idea of two separate mortgages, because I feel like it's slightly less risky.  If need be, we'd have the option of selling one triplex and holding on to the other.  However, I'm curious if there are parts of the closing process that could be batched to reduce costs.

Thanks a lot.  I've been learning so much from everyone here on the forums.