Using one property as collateral to buy a second property?

Would it be possible to use a current condominium as collateral to purchase (trade up) to a second condo with the idea of moving from the first one to the second condo? The reason I ask is because I would like to move to Springfield, IL, but may have to settle for the Champaign-Urbana area if nothing materializes in Springfield over a specific time-frame. If I bought a property in Champaign, I would look to transition to Springfield as soon as a desirable property was available. Thanks for your time.