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Depends on your strategy but I would be reluctant to use up all my equity against the resi property to fund the commercial property. You can get early 5%'s for the commercial loan w/ no upfront fees other than the valuation fee.

You will need a decent amount of deposit for commercial properties so it may use a considerable portion of your super. Max LVR will 65% (can do 70% but more likely around 65%). This is regardless of doing under an SMSF or outside.

Terry's suggestion of SMSF is an excellent one. This is why its good to talk to a professional about the best structure to purchase an entity as its costly to change it at a later stage.

Why buy in both names? I would only have it in single names but obviously you need to get specific accounting advice on that. If you are doing the equity release against existing resi property - make sure its a separate loan split and not a loan top up or redraw.