How do/should I leverage this equity to purchase additional real estate

[Jeremy Slater]

Hello all,

This is my first post here at BP after lurking for a week or so. I am closing a deal soon and would appreciate it if someone could provide some advice for my situation.

I am currently under contract to purchase a single family property from a relative. She will be selling it to me for $120k but is gifting all equity above $85k (my loan amount) which is acting as my down payment. Based on research and previous appraisals it shouldn't have a problem appraising for $120k. My plan is to rent out the property.

Looking forward, I would like to purchase additional investment properties but have little capital for down payments and closing costs.

My questions to the forum:

What are my options for leveraging the equity in this property to purchase an additional property or properties? In your opinion, what is the best option?