We purchased our current home 4/7/17 and we are estimating we have gained right around 20% in equity.

Your overall cash flow will increase as well as your ROI and you will still have $1.6mm in equity.

I have 200K in equity on some other properties. 

We have 325k in equity.   

If the lender gave you a balance of $651M, where are you coming up with $475M leaving you with $225M in equity?

Let me ask this;For instance I own a home worth $300,000, and over a couple of years I pay down on loan and own $150,000 in equity, or 50%($150,000) let’s say I want to cash-out-refinance, and get like 80% of that $150,000 cash sum loan, now, let’s say if I use that towards another mortgage, will I really qualify for 3 loans at this point?

This choice changes the situation for the lender into an equity partnership which increases their risk, which deserves a higher reward, in equity, cashflow and sale.In any case the lender should be on title (like a bank would) to secure some or any colateral.I am a multifamily real estate business owner and not a legal expert, therefore any agreement should be drawn up and executed by an attorney specialized in your field.

Plan to extract the $100k in equity for your new house, then ignore personal residences.Look for a portfolio loan in the amount that DSCR is about 1.25 or even 1.3.

What if I can't refinance or the appraisal doesn't give me $70k in equity?

Almost 40k in equity for free?