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I think you've got it. :) Change step 1 from "Withdraw $100k", to "Increase loan by $100k". Just a follow up, if both properties are investments, and the ownership (tax implications) for both is the same, then you don't really need to isolate deductibility on a per-property basis. Some...

If I understand what has been suggested, depending on the lender, this might be a reasonable way to go about it. If your existing loan is $300k and you've got $100k in equity you can access... * Increase the $300k loan to $400k. This will give you $100k cash. * Your loan now has a limit of...