Here's My Situation... How Would YOU Finance My Next Rental?

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So last month, I finally bought my first rental. I did it on a 5-1 Option ARM. I also have the same thing (5-1 Option ARM) on my private residence. Now... I'm making interest-only payments to keep from going into negative amortization. I COULD be paying in the low $400's as a minimum payment, but I've so far sent the Interest-Only payment of low $900s

The only reason I did Option ARMs on the houses in the first place was to have the (duh!) option of sending less money should the need arise. The payments are locked for 3 years by the way.

So... the meat of my question: to buy my 2nd rental, what would YOU do? Would you make minimum payments on my personal and 1st rental houses and SAVE that money that WOULD have gone to make "regular" payments? If I do that, I figure I can save approximately $800 per month. In 2 years, I'll have socked away just over $19K. I could then use that as a downpayment on another rental.

Whaddya think? Again, the only reason I got the Option ARMs were for investment purposes; not trying to afford a house I really can't afford (like a lot of people do then get screwed later with higher payments). I do realize that both mortgages will go into negative amortization, so that's where my questions arise.

Help?

Emrah