what is the best way to use a gift of equity

[Justin Gilkerson]

contemplating obtaining a gift of equity for 40k on a 100k asking price. Can that equity help me purchase a second property or is strictly only available for home improvements, down payment of the property and closing costs? would it benefit me to buy the property for 100k and refinance to gain that equity for my 2nd property? should i only accept enough GOE to cover down payment and closing costs? i really seem to be in a predicament and not too many people have been able to help me?!?!?