Pulling equity from home for home improvements.

[Saul Solis]

Hey Guys my name is Saul. I'm 19 just recently got into real estate. I'm trying to help my parents out but i'm a bit confused on the numbers for pulling equity out of the home.  

Here are the numbers. 

Purchased home: $240,000 @ 4.375% using FHA Loan

Not quite sure on down payment but around 2.5% $6000

Current Mortage Balance: $213,000 

New Home Value: $380,000

I'm having difficulty calculating how much equity would be available to pull. I understand you can do a cash out refi or HELOC. With refi rates at 3.4% in my area. I know there is money somewhere. Just confused on where to start and who to talk to. Like would i be able to hold the cash and wait for a possible dip in the market to purchase an investment property with an FHA Loan? Thank You