Cash out loan verses traditional mortgage

I'm going to buy 2 condos in 2 different cities where my kids go to college.  I can pay cash for the first, but it will eat up all of my capital.  So should I pay cash for it and o the $5000 in repairs so I can close quickly and get bottom dollar and then take a cash out mortgage to buy the second one since it will then appraise for more OR should I just finance each condo separately?