You didn't save 40% you spent X that could have been used for marketing or growing your business

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He likely needs to stay where he is, save up money for a downpayment on his own, and buy when HE is ready.He's not ready. 

A great team can save you so much time and hassle.   

Purchase price: $565,000 Cash invested: $200,000 Current Price: $599K (originally $649K, 67 days on market).

Just speaking from a cash flow management/account structure perspective.As for someone being in the real estate accounting industry for over 2 decades, I can say that State Law compliance is big on this.

Is there debt on the property or are you doing all cash?

A lot of people negatively arbitrage their 30-year mortgage, after taxes, if they keep money in a high yield savings account instead of prepaying their mortgage, because the savings account pays 4.25%, and their mortgage rate is 3.75%.

What’s your primary goal for the cash-out refinance?

If you don't intend to do that right away then do the 20% and save the extra cash flow.