Both of our credit is strong 750+ and my spouse has income enough to absorb a good size mortgage but need some extra cash to make the down payment for the second property so was thinking if this was do-able. 

It is doable, and depending on your market I would be happy to help you find the right connection(s) to make it happen brother!

Going onto realtor.com, zillow.com, etc and looking at houses is easy, but I am working on becoming familiar with the tools that BP has on here to see if a specific property is actually worth it, and using the calculators to understand what is actually affordable / doable.

According to my lender this is a doable plan. 

Based on the picture do y'all think its doable?

That said, it's doable! 

If the agents are good then they'll know what is doable.

You can raise the value of the home if it's doable and pay the closing costs but if it's short and you are using the same % on closing costs the lesser appraised value will eat away from your original 84.8K value.

You may need to get a court order, but that is doable.

But since I'm new to it (I've been in construction for few years, but no real estate), I need a road map... and I wanted to see if my plan is doable and it's the best option.