Is it possible to refinance, buy additional property, AND still retain cashflow?

[Jon Gorman]

Hi! 

Between some others in my family and myself, we own a few different properties. Some of these are paid off and generating rental income that we rely on for living expenses. We are interested in buying a beach house that we would rent out part time through weekly vacation rentals and would enjoy ourselves the rest of the time. The beach houses in this area are expensive, and may not be the best investment in terms of rental income, but we would really enjoy going there when it's not being rented out. Given our current properties, is there a creative way to do the financing that would allow us to buy the beach house without losing our current rental income ($6250/month) we are relying on? Newbies here, so please give an easy-to-understand answer without too much jargon! Thanks in advance!!

Details:

Current investment properties:

Rental Property #1 - Valued at 625,000. No mortgage. Rental income = 2600/month

Rental Property #2 - Valued at 725,000. No mortgage. Rental income = 3650/month

(the above income is needed for a family member's living expenses).

Rental Property #3 - Valued at 480,000. Mortgage (4%) = 245,000. Rental income = 5250/month

Rental Property #4 - Valued at 362,200. Mortgage (3.75%) = 111,400. Rental income = 2060/month

Primary residence #1 - Valued at 550,000. No mortgage.

Primary residence #2 - Valued at 789,000. Mortgage (3%) = 490,000.

Prospective beach house:

Price = $2,000,000. Rental income: assume $6,500/week (26,000/month) for 4 months, so 104,000/year