Double-NAT w/ IPsec?

Is it possible to setup an IPsec tunnel between SOHO Router1 and Mikrotik2 below?

SOHO Router1<–>Internet<–>SOHO Router2<–>Mikrotik2

SOHO Router1 is Firewalled/NAT’d and under my control for configuration and is IPsec peer in tunnel mode.
SOHO Router2 is Firewalled/NAT’d and not under my control for configuration, but may be able to fwd ports 50, 500, 4500 to Mikrotik2 if necessary.
Mikrotik2 is NAT’d only and is IPsec peer.


Currently, I have a more simple version of IPsec working between the SOHO Router1 and directly with Mikrotik2 where Mikrotik2 is the Gateway and is in tunnel mode. My above question is if it is possible to establish IPsec without tunnel mode inside of another network. Would NAT-T help me in this case? What ip’s are entered in the policy so that NAT transversal is possible if at all?

Thanks for any help,
Aren