Can you refi this property for 70-80% LTV, and wait to get the rest of the equity down the road? 

Additionally, his equity split is Investor Equity (80.0%)Sponsor Equity (20.0%), is this also typical? 

Most banks would be more concerned with your net worth (personal balance sheet) to see that you have equity to cover any short comings should they have to foreclose.

I own a few properties in the Hudson Valley, NY (Poughkeepsie, Fishkill area for those familiar - B&C areas):7-unit apartment: $500,000 equity - free & clear5-unit mixed use: $400,000 equity - 7 years left on a small mortgage held by prior ownerSingle family (my personal home): $375,000 equity - free & clearSingle family: $80k equity - 22 years left on mortgage, worth about $300kOther than my personal home, all properties are breaking even as rentals - not losing money, not making money. 

I would argue that "risk tolerance" isn't much of a factor because you don't have to cash out all of the equity.

If it was gifted what options to pull the equity out would I have.

One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value.

This share includes both cash flow and equity.

So I’ll be getting about 20K of equity in cash to fund another deal.

Professional landlords like yourself with substantial portfolio that are local.. are just another business. and successful one.. same equity owning a car dealership.. or a handful of Mickey Ds all make the same kind of revenue.. its just one way to make money in America..