Is it better to mortgage one property or several? I paid cash.

[Doug DeVore]

Hello all - first time poster.  Been lurking for a bit and have even been to a meetup.

I have a property with $400k-$500k in equity and have paid cash for another property that I rehabbed and rented.  I was planning on pulling a mortgage on that property to get my cash back ($100k).  However, a property next to me (with more acreage) just came up for sale and I would like to buy it ($100k).  Im trying to figure out the best way to buy it while keeping me in a good position.  We would like to buy a house and move to Tennessee in the next month and I am worried about having all these different mortgages will make me look to a new lender (they are commercial).  My local lender has no problem giving me cash as we have a relationship however, he will not loan anything out of state.

I have the cash to buy the property outright, but then I will be tapped out.  

Here is my question- Is it better to pull $200k out of the property with $400k-$500k in equity or only pull $100k out of it and another $100k out of the other house I paid cash for?

Again, I want to be in a "slam dunk" position to buy a house for my family this month.

Thanks, 

Doug