Refi personal residence and use it as down-payment on rental?

[Jake Loviska]

Hi all,

Looking for some advice on my wife and I's current situation. We bought a REO in December 2015 for 59K cash (9k ours and borrowed 50K from parents, paying back over 5 years). Currently doing a live-in-flip with ARV expected in the 95-105K range. Similar nearby houses are 120-140K range, but ours is on the main road so I prefer to be conservative. We did not get an appraisal at the time of purchase. It has now been six months and we would like to get a duplex investment property costing in the 60-80K range. For financing I see a few problems for us:

1) We only have $4000 cash for this atm. Have 17K in non retirement brokerage account but don't want to sell the stocks and get a hefty tax bill. 

2) Job history-we took a year off to travel the world from Aug 2014-Aug 2015. Since coming back the wife and I have worked 9 and 6 months respectively at our current jobs. Combined annual income will be about 63K this year. On the plus side our credit is excellent with both of us having scores over 760. 

Our though is to cash out refi our current residence at 75% and pay back parents the 45K we still owe and use the remaining amount, assuming about 20-25k as a downpayment on a duplex. Is this possible? Basically getting two loans at once with basically no money down? Am I in crazy land?

Or is it possible to get the refi and then use the 20-25K in 3-6 months as downpayment on rental?