I personally want to use this strategy to lock in a lower interest rate on a rental property (being 20 years old with a small amount of credit history). 

Thanks for the additional nuance. 

My credit is good/excellent.

Our primary residence along with our vacation home is worth about $1.4 million, have a million in stocks etc.. credit score is 700+  How the heck do we get qualified for a loan? 

Hi Bill, we are selling our properties in Memphis largely due to a nightmare experience with our property management company, in addition to being at a distance, which makes it very hard to find a good one.

I plan to travel down there next weekend (about 3.5 hours away), so I am gathering all the necessary info.If I did cashout refi on my current property, i can pull out $155k towards this but will be left with an additional 45k or so if doing 80 LTV, which is why I am leaning toward seller carry a second mortgage.Lenders out there, now you have my deal, can you do it?

Background context:I have a 805 credit score, low DTI and attempting to secure the lowest cash out refi to pay off a debt ($50k).

If you have an LLC (or willing to open an LLC) and a decent credit score (or a cosigner who has the credit), you should be able to pull cash out of this rental / purchase another rental.

I think I would have to drill an additional well too. 

Once a foreclosure is commenced the borrower's credit is severely damaged.