Maybe you have access to a HELOC, or you have access to a brokerage account you can pull from. 

I don't think your first property needs to be perfect, but doing the work in advance gives you the possibility of refi (in a good rate environment) or more equity on a HELOC.

We used a HELOC on our primary residence to purchase our first rental in 2018. 

Heloc or DSCR HELOC so you can operate with cash in hand.

Using a HELOC for the down payment is feasible if you have a plan to repay it with bonus payments and tax savings.

I have used a HELOC from one of my rental properties and I just refinaced a house that didn't sell after I got it rented out.

As for capital, I will be utilizing my HELOC for initial fund on first deal.

My goals would be to increase monthly cash flow and have more access to the property's equity for things like Cap Ex, etc....Here's a blurb from a lender's website:"By combining banking functionality with home financing into one dynamic instrument, borrowers are able to save tens of thousands of dollars and years off their loan""Designed after popular programs around the world, the All In One First Lien HELOC is the nation’s first transactional offset type-mortgage program.Home financing and banking combined:Deposits lower your loan’s principalFunds remain available for expensesInterest is calculated on the average daily balanceThis lowers the monthly interest paymentsTens of thousands of dollars can be saved over the life of the loanMortgage freedom can be achieved in half the time or less

We bought it with a HELOC on my mom's primary residence for the first $40k, then hired a contractor for demolition and major renovations, did cosmetics ourselves and used more heloc money totaling $60,000. 1 year later we listed it on VRBO and AIRBNB and refinanced the $100000 into a fixed rate mortgage.

Otherwise, HELOC is a great resource.