Dad gifted me $150k Down Payment on House, can I pull equity?

[Riko Yap]

Hello! 

My brother and I just purchased our first home this past August 2016. Our parents gifted us $150k for the down payment on a $510k brand new track home in Tracy, CA. 

The $150k gift from my dad was money he pulled out from his 401k (He's older than 59.5). I want to help my dad with putting his money to work for him for his retirement since a good chunk of it was to help buy this new house. 

Is it possible or do you recommend doing a refi-cash out on our property so that we can use that on a down payment for a rental property out of state?

Any help or suggestions would be very much appreciated thank you!