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Why would you bother with all the risk to get 100k p.a., and risk it all coming crashing down in that scenario? Why not just move $1.4m into commercial property and/or blue chip shares - @ 7%p.a. yield, thats 100k p.a. The most you could ever lose would be your $1.4m (and thats much much more...

Not strictly I think??? I.e. if both with Bank A: Property 1: worth 100, debt of 60. Take a new standalone loan out secured by only property 1 with Bank A. Proceeds 20 (80% LVR). Borrow 80 from the same Bank A, secured only against property 2 (to be bought) using 20 form above for...

Exactly. And you dont need two banks - i.e. A and B!! If you have sufficient equity the one bank will (all things being equal) lend you the "deposit" and the "balance" secured against the first property. Just need 20% deposit (or whatever the minimum is), in aggregate, across the portfolios.