Rental Property Home Equity Loans - Help

[Jeff Blackwell]

Looking for a bit of advice on one of the strategies in @brandonturner book: The Book on Investing in Real Estate with No (and Low) Money Down. His chapter on Home Equity Loans and lines of credit has everything I am looking for except for the last segment.  At the end of the chapter he explains this can really only be done with your primary home and not a rental property.  

My situation:

I have a rental property (RP1) valued at $300k that has been passed down from my grandfather into my name. The property is completely paid off 100%. No mortgage or debt on the property and has a steady cash flow of about $1k/month. I don't have a primary home because I rent an apartment where I live. 

My plan is to take out a Home Equity Loan or line of credit from RP1 for a down payment + rehab costs + cushion for another rental property (RP2). Then get a conventional load for the rest of the mortgage. According to Brandon's book, this is extremely hard to do. I talked with a Wells Fargo Home Mortgage rep prior to reading the book and they said no issues about this. 

Next steps are obviously to talk to lender but I want to be informed by my BP community before doing so. 

Anyone with experience been through this process and can shed some light for me?  

Please let me know if there are any follow up questions. 

Thanks in advance!!