How should I handle reinvestment of cash from a cash out refi?

[Alejandro F.]

We recently did cash out refis on our primary home and investment property for the purpose of putting together capital to continue acquiring investment properties. Our plan is to use these funds for down payments for 1 or more investment properties. Considering the fact that I am paying interest on these funds, how should I account for this in the financial analysis of future investment properties? Technically, should it be treated as purchasing a property with 0% equity if the down payment is paid with these funds?

Thanks in advance for your insight!