Can I use equity in my current home (265k mortage vs 400k value)

[Jason Riddick]

Can I use equity in my current home (265k mortgage vs 400k value) to get a down payment on a vacation rental property. 

So I own a home with some equity. I live in a big vacation rental market (75% of homes are vacation rentals). A home is coming up for sale 2 doors down(needs work but I can handle that part easy) for a decent price. How do I talk to a lender about getting this home? its for sale for 295k, would have an ARV of 385k, probably at least 50-60k in work, maybe clear 30-35k a year after expenses and upgrades. What and how do I ask a lender to get a loan on this property. I own a flooring store that I am also an employee of (its an S corp) and make about 90k a year. not sure if that helps. good credit and only payments are a truck that my company pays for 100% and a camper loan on top of my house mortgage.