new to investing in residential multi-family properties

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First, is it essential to get a pre-approval letter from a bank(or other financial institution) before actually shopping for properties and making offers??? I have been told that I will be taken seriously if I have one in hand.

Secondly, like many, finding properties that produce GOOD cash flow is hard. But not impossible. I am in the southeastern section of Pa. I have found a few multi's with good cash flow, but I have had to sacrafice my cash on cash return with a higher down payment. At what point does good cash flow become more important than higher leverage and a higher cash on cash return?? Hope that makes sense to the board.

Thanks much to anyone willing to help!!

Chance.....