The phantom goes as far as the cloud lifter - but these are usually used to get quiet dynamic mics up in level so there is NO phantom power on their input. Unplug the cloud lifter, swap it for the SM81 and it will work - you don't need a cloud lifter with a condenser mic - they're always higher output mics and don't need it!
The SM7B is a very deaf mic - so you need the extra gain for anything other than close work - so leave that connected to the SM7B and forget it for the 81.
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I think the most common question is my new condenser large diaphragm mic sounds thin and really cheap - and somebody ask this question. "are you sure you're not singing into the back of the mic" - nobody ever puts front and back on a mic, and the usual rule that says you sing into the side with the makers name or logo is never written down!