Mortgaging a property while rehabbing

[Richard Foster]

I am currently halfway through a gut rehab on a property which I completely own. I unfortunately self financed so my funds are tied up in this one house.  At this time in the project, is it possible to take out a loan against the property in order to buy a great investment which would be a patch-n-paint and could become an awesome rental? Advice please.  BTW I am a 10-99 contractor and have been focused on the rehab for the past several months, which affects my verifiable income.