Getting a loan with 3 free and clear rental properties

[Horacio Gutierrez]

Hello, My Dad's friend has 2 (SFH) rental properties free and clear and is retired. He recieves a social security check and his total rental cash flow is about $2800. How much will the bank let him cash-out refinance to use that amount to pay for a down payment on another rental property. Also the bank he will ask for a loan to buy Rental property to let him borrow 80% of the home value, will the bank care more about debt/income ratio and credit score than the equity he has on those two rental properties or more the equity he has?