putting 20% down ..... Immediate Equity ?

[Michael Dunn]

I have a quick question relating to putting 20% down on a property ( Buying it as an Investment property vs as an O.O. )

When we put this 20% down ..... this is immediate Equity , correct ?

So how would this work , as far as getting to borrow that full 20% via a Cash-Out refi. ?

Would the house have to have $40,000 in Equity ( 80% LTV on a $100,000 property = $20,000 + the 20% that I'd have to put down .... which too would be $20,000 )

Thank you for any input and help