How to calculate % return using equity from property

[Jeff Blankenship]

I'm not an accountant, so I'm trying to figure out the correct way to calculate return on investment.  

If I use equity from property 1 to invest in property 2 (purchase or refi), how do I calculate my return compared to using cash?  Is it the same? Or, since it is essentially moving money from investment 1 to investment 2, is this viewed differently?

Example 1 - if I can cash out refi property 1, and refinance property 2 and 3, to improve overall cash flow by $750 per month or $9000/yr (closing costs $3,000 per loan, $9,000 total).

So, I'm putting in $9,000 out of my pocket to see an increate in cash flow by $9,000  - how do i calculate the return on this money? - Is this a 100% return?

Example 2 - same as 1, but I put another $20,000 toward the refi, to improve cash flow among all 3 properties an additional $100/mnth or $1200/yr.  How do I calculate this return?