The only example I know of that is relatively close to what you are describing would be to "cross-collateralize" the properties. You may have enough equity in property A that if it is combined with property B you can borrow enough money to satisfy all of the debt on both properties, or cover more of the downpayment requirement. I have seen this done quite frequently, sometimes encompassing 5 or 6 different properties. Talk to a lender.
An example would be: Property A is worth $100,000 and you owe $50,000 against it. You want to buy Property B at $100,000 and the bank is requiring 20% downpayment ($20,000). You may be able to package the two together ($200,000) and you need $40,000 total equity in the deal. You could possibly borrow money against the two properties letting your equity in Property A cover the requirement for both.
Sep 4, 2009