Financing strategy using equity?

[Richie Cunningham]

I've put an offer on a home which is a foreclosure. No bank financing allowed on this deal so I will be paying cash. I will have some repairs and once complete I should have at least $150,000 equity. I plan on renting the house. There is another home that I haven't put an offer on yet. Once repairs are complete on the second one I could have about $40,000 equity. I would also like to rent the second home. I can't avoid the cash deal on the first house but I don't know my options yet on the second house. I'm hoping someone has some experience with deals like this an suggest some strategies relevant to my situation where I can avoid using so much of my own cash for the purchase and repairs. The only thought that I have so far is if I get the first house and repair it then show what I've done to a bank and get a loan for the second one. Any ideas?