how would you purchase?

[Chevis Duncan]

ok, a prop i want to purchase is listed at 21k, it appraises for 40k. i need 20% down and the lenders only lend lesser of two right? renters are in place and want to stay at 400/ mo. how can i purchase and use the equity for the next deal which is almost the same...app at 32k, purchase at 18k with 400/mo renters in place? my credit and and debt/income is great, cash on hand is issue, but i can afford 20% on 1st prop, just want to stay out of my wallet if at all possible
thanks in advance