You have to borrow your equity and then make payments on it.

By the time I reach 20% equity (likely 3+ years away), my monthly mortgage payment will come down when I refinance, but $600 is a big hit to the numbers. 

I am currently in the planning phase of my real estate investment journey and had a few questions I’d like to ask someone more experienced.Would it be smarter to focus on paying down my own mortgage and then use a HELOC as a down payment for my first investment property, or should I simply use my savings for the down payment instead?

Quote from @Jaren Taylor: Quote from @Chris Mason: If you have the ability to market and raise money, then you secure the down payment, and do the normal commercial mortgage process. 

Finally, be prepared to need a 30-35% down payment.

THEN, I plan to purchase the second home using a FHA or conventional loan (3%-5% down), for which I will likely pay the monthly cost out-of-pocket, maybe with some rental income support if it is a duplex.My concern is, I do not want to spend my savings or weigh down my debt-to-income ratio so much so that I cannot qualify for and pay the down payment and closing for the lending on the second home.Questions: - With the first home being multi-family, 75% of the rental income (or potential rental income initially) will relatively either maintain or boost my debt-to-income ratio from lenders' perspectives, right? 

However, my debt to income ratio with that home loan, and student loan doesn't look that great currently and I don’t have much for a down payment.

I am looking at different loan options but to break even (not having to put any money of my own in the house after the initial down payment) the current down payment required is that much. 

Do you need to refinance quickly to avoid a balloon payment or other financial pressure?

How many mortgage lenders have you spoken with to get qualified and discuss allowable down payment options?