One is a new 'beginner set' from a local store with a Dunco KB35 enlarger, the other is a used set i found online with a Durst m605 color (also with everythign else needed for color prints).
I'd never heard of Dunco before now. A Google search on "Dunco KB35" turned up a handful of hits, none of them in languages I understand. The Durst M605, OTOH, is a fairly popular model, although I have no personal experience with it. That's not to say the Dunco is worse -- it could easily be a rebadged version of a good enlarger made by somebody else, or an unusual but good device. You'll probably find more enlarger-specific help with the Durst, though, should you need it.
Do i need extra equipment to make it handle b/w?
Will there be any difference in the quality of the prints when using a color enlarger for b/w as opposed to a b/w enlarger? (disregarding the lens)
No; and no, with some minor caveats. With a color enlarger, you typically use the magenta and yellow filters to create filtration that's equivalent to that provided by the separate filters you use with a B&W enlarger. The color filters generally work as well, but some people prefer to use conventional B&W filters. If you think you might prefer separate filters, though, you could always use them with a color enlarger, so in a worst-case scenario a color enlarger will just have some dials you won't use.
The Durst comes with two lenses though.. one EL-nikkor 50mm and one 75mm. Not sure what the Dunco comes with, whatever is standard for that model..
Find out if that's the f/2.8 or f/4 EL-Nikkor 50mm lens; the f/2.8 is a superior 6-element design, whereas the f/4 is a cheaper 4-element design. If it's a starter kit, the Dunco probably comes with a cheap 4-element lens, or maybe even a cut-rate 3-element lens. Fortunately, lenses are cheap on eBay, so if the lens you get is poor, you can pick up an excellent replacement for $50 or less, if you bid carefully.
You'd probably use the 50mm lens for enlarging from 35mm negatives and the 75mm lens for enlarging from 6x6 (medium format) negatives. If the Dunco can't handle MF negatives (I'm guessing it can't, given its model number), then that's definitely a factor in favor of the Durst. Even if you only shoot 35mm now, you might decide to try MF in the future, so having that capability is useful.
Will the m605 have any issue with b/w that would make a dedicated b/w enlarger a better option?
No.
Are there any issues i should be aware of with either of these enlargers?
Putting yourself in my situation.. a complete beginner with no knowledge what so ever.. which one would you get? and why?
I know nothing about the Dunco, aside from what you've posted, and relatively little about the Durst. My inclination, based on that limited knowledge, is to favor the Durst, for the reasons I've outlined above. Also, having color capability could be useful in the future, even if you don't intend to use it today. (You can do color enlargements with a B&W enlarger, but you need a set of color filters, and adjusting the filter pack with these filters is more tedious than adjusting the filtration via dials on a color head.)
I hope this wasn't too confusing, but if it is i hope you'll be understanding.. i've been looking at equipment and equipment specs all day and im a lil over stimulated
I understand. If you feel overwhelmed with information you might want to hold off on a purchase until you've had time to digest it a bit more. Even if there's a time limit on buying one or both of your options, it might be better to let that one get away than to make a rushed decision -- there are lots of used (and even new) enlargers out there at excellent prices!