$1m equity, excellent credit, no income. What loans can I get?

[Mike Franco]

I have a $1m house paid off. 830 FICO.

If I cash out refi, I can easily get a loan for $300k to buy a fixer.

After spending $50k out of pocket to repair, ARV is $500k. I want to further leverage the increased equity from this $500k house.

Let's say I am retired and have no income, but now I can rent out this 500k house for $2100/month.

What is the next loan I'm supposed to get? 

With only $25000/year projected gross rent and no other income, can I easily get another 70% LTV cash out refi for the $500k house = $350k low interest loan, repay the original $300k loan and pay myself back for the 50k renovation cost.

... and then repeat the exact same steps to buy another $300k fixer? and keep snowballing just from the $1m house I have?

Basically I'm wondering if I can get the lowest interest rates with no income... and how lenders calculate how much they're willing to lend me.