While no money is exchanged hands the bottom line in the scenario you have laid out you are giving the homeowner a loan that is paid from the sale of the home. 

You want to get the best loan you can.

Know how to fund your buys (bank loans, personal loans).

What did you pay, what is market rate rent, how much equity do you have, and what interest rate/loan type do you have?

The lender will give you a generic preapproval letter that states how much they are willing to loan you when you do decide on a property. 

More on DSCR loans- DSCR loans won't use your income to underwrite the loan.

Subto’s are getting called by the banks much more often these days because the banks will make much more money on a higher interest loan.

the second property is worth around $68k bought that property on November of last year with a loan. those properties are occupied by tenants. do you guys know if I can cash out refi each property with that amount or can use both properties at the same time with a blanket mortgage?   

Appreciation, depreciation, amortization of the loan, and cash flow (and laundry machine or soda machine or parking money if applicable :) all blended to create my actual return on ownership of the asset. 

We had personal savings and put down 5% with a conventional loan.