To buy with cash or not to buy with cash

[Michael Pence]

I potentially will be receiving a decent amount of money and I plan to use it to start investing in rentals. My question is, should I pay cash if I can. This will let me lower my mortgage expense allowing me to maximize cash flow and have decent equity from the get-go. 

Part of me thinks that buying my first property with cash, then taking a cash-out refi to invest in the next property may be the way to go. I am just not sure. 

What do you seasoned pros think?