Refinancing Help - Newbie

[Jeff Travis]

I'm trying to wrap my head around this refinancing thing. So here's the scenario: I have about $65,000 in equity in my $200,000 condo. Can I take 75% of this out as a home equity loan and use that towards a down payment on another property? 75% of 65,000 = $48,000 (rounded down) Investment property is $440,000, so for 20% down I need $88,000. If I raise the needed $40,000 from outside investors/crowdfunding could I then pull up to 75% of the equity out of this property to pay back the $40,000 to investors? Am I missing something here? The property has a gross rental income of $4200 a month and would need a bit of work as well. I would treat it as a buy and hold. Thanks for your help.