How to analyze a deal that use cash-out from previous purchase?

[Thuy Burritt]

Can you please help explain how to calculate/analyze a deal using cash-out (equity) from other properties as the down payment (say 20%)? 

I am about to close on the 2nd property. I want to buy as many more as I can before the end of the year. I am a newbie but very enthusiastic and excited about real estate investing. I learned (from Bigger Pocket podcast) that we can use the equity from other properties as down payment for the new purchase. But how to calculate the deal? Let say we have to put 20% down and finance 80%. I am really confused here. In the case, I use equity from other properties as the 20% down ampunt, would the new property  be a 100% financed?