Analyzing Properties as if 100% financing?

[Jake Korossy]

Hi BP, I am a new investor and listening to the BP Real Estate Podcast to hear some real stories. Question here about a topic mentioned in Episode 51 with Mike Sherwood.

31min and 30 seconds.. "Analyzing a property and the return looks good because you were financing it. I want to tell investors you can't just look at the financing, you have to look at the actual performance of the property. Extremely important. You can make any property look good if you put 80% down for example." -Sherwood
"You gotta run the numbers like it's 100% financing.. which will essentially make them the worst numbers.. and if those work out, you know that X percent down is icing on the cake" -Dorkin
Brandon analyzed CF with 100% financing assumption...

Can someone explain this concept? Does it have to do with the mortgage payment and putting more equity in up front? 

Separately, I'm based in NJ looking to start with MFHs and college student rentals in the area. Happy to connect - thanks all!