Rent income based loans?

[Pearl He]

I am new to real estate investing, but somebody suggested that since I am able to cash out 400K, that I should purchase a ~700K multifamily property for rental income.  I am not able to get additional conventional loans after the 400K cash out, but he had mentioned that multifamily property loans would qualify for rental income based loans. 

I don't know anything about rental income based loans, can someone tell me the steps to get it, the fees involved, the loan amount, and the approximate rate u get from it?

Thank you in advance for your input!