Then look at the return on your $20K in equity. 

The properties combined have 75% debt on them leaving $175K in equity.

You just will.My friend ONLY wanted to buy 2nds where the 2nd is covered in equity.

They current have about ~275k in equity.

We have about $180k in equity but have a great loan and don't want to refi it if at all possible.  

Now I'm looking to move forward with my 800k in equity.

Sophisticated and seasoned investors interested in equity positions or greater returns on their investments will be interested in what we have going on.  

If you buy for cash flow, if rents do not drop drastically, you can lose your equity but still be making money each month (although no one wants to lose $20K in equity to make $100 a month).5) Evaluate the situation and determine what is best for you.

Valued around $65k-$68k so was able to purchase with some built in equity.

First we need to differentiate between appreciation and built in equity.