If you cash out equity in a property, you are "borrowing" that money from the lender.

I am sorry to hear that and understand the pain of putting money into an investment property?

Especially if you have some money to put down.

I don't even know how the flippers buying them are making money.  

I doubt this goes very far with a DSCR, which will have non-govt money backing it.

During this time, it is wise to review the lease and make sure that you're comfortable with it and also ask for proof of payment. 2 to 3 months should be OK. 

Any advice on how to make your first purchase with little money down is accepted. 

My only worry is will they all be worth the amount of rehab that will be needed and will they even increase in value enough to make this deal even be worth the time is could take and money. 

Borrowing other people's money sounds great but the market prices are high and hard to make profit if you borrow the down payment and borrow for the remainder of the mortgage loan. 

Arizona State University has been putting a lot of money into their downtown area.