I have a friend that owns a dulpex that has about 120k in equity and cash flows 600 a month after everything is said and done.  

I also have roughly $85000 in equity. 

In other words, 10k in equity could cost you far more then the 10k in cash flow.

We purchased it with a conventional loan with 20% down and we estimate that we already have about $200K in equity.

So if you owe 350k and you property appraises for 450k you have 100k in equity.

Two years ago we started investing in properties and to our good luck, we have gained in equity, yay!  

I have about $80K in equity in my home.What is a realistic time frame to replace my income?

I have a condo in Boulder, CO with about $300K in equity that cash flows about $700/month, a duplex in Fort Collins with about $200K in equity that cash flows about $1000/month, and a SFH in Fort Collins with also about $200K in equity that cash flows about $500/month. 

The rent to value of the property will not cover your expenses.Additionally the 200K in equity has a opportunity value of 10% which means $1666 must be deducted from the $2400 monthly rent to pay for your dead equity.

For example - Jonny owes 80k on a house valued at 100kJonny has a VA loan on the house and wants to refi to a conventionalCan Jonny take the 20k in equity he has in the house and use that as the down payment for the conventional loan?