Using equity of one purchase to finance another?

[Joseph Lieberman]

hey BP,

I've got two properties I'm looking at, both selling below appraised value, and both cash flow positive within my criteria for the local area. However, I don't have the down payment to cover both.

How likely, possible, or willing is a bank going to let me buy one, hand them a recent appraisal, and take out an equity loan to cover the down payment on the second?

Obviously this will decrease the cash flow of one property and I need to find out by how much, but I just want to know if it's possible and maybe what questions I should ask the bank. This assumes of course the seller isn't lying (I haven't had the properties appraised yet, but he said he has and have me the figures)

-Joe