Checking multiple lenders at once (cr. score hits, sequence, etc)

[Josh Smalley]

I'm in the middle of pulling out equity from one investment property (HELOC or 2nd mortgage, whichever gives me the best rates and LTV) and then using that money to put a downpayment on a second property, thereby needing another lender on the purchase side.

I've never done this.

How do I go about doing this with the least hit to my credit score (still a newbie to where my credit score will help me right now secure traditional financing)? Also, how should I time everything? If it's a 2nd mortgage that I get against my investment property, then I want to make a move on a new investment property purchase immediately.

Thoughts from the experts on this?