pulling equity from one rental to purchase another rental

[P R.]

Howdy. Straight to my question - Whats the best way to pull out equity from mortgage free (paid off) investment rental (property 1) and take that money and purchase a 2nd, lower value long-term rental (property 2) ?

I'm most interested in learning the conceptual process, not necessarily talking about the actual numbers.

I appreciate your thoughts and assistance.

EDIT: I failed to state that my intent would be to use loan from property 1 to fully pay for property 2.