What are my options for a small PML using equity?

[Dylan Webb]

Hello, here's my situation:

My wife and I own several properties separately.

2 of the single family homes combined we have conservatively $150,000 in equity ($90,000, $60,000) 

I want to use one of these as collateral for a small loan of $30,000 to put down on a high cash flowing property OR have a lender finance the whole venture at a purchase price of $160,000. Is this doable?