When should I tap the equity on these two properties?

[Asher Anthes]

Okay, so I currently have 2 properties. One is leveraged at 90%, and the other (which I live in and just bought 3 months ago), has a mortgage balance of $175,000 and a value of $215,000.

I have a third property under contract which I will purchase with cash. $40k + about 10k in repairs. It's ARV is about $65-$70k (maybe more). I have about 70k liquid now, but that will soon be reduced to $20k.

My question is this: should I use delayed financing and mortgage the 3rd property immediately, then after 3 months do an 80%,10% cash out refi on my other property. This would get me up to about 70-80k liquid. And, I could buy another property cash within a few months from now.

Or.. should I wait the 6 months on the third property to cash it out based on new appraised value (hopefully 70k) and then have more like 100k liquid to work with. This second option allows me to max out my leverage, but it also takes a little longer to get the 4th deal.