Instant equity

Instant equity I brought a four unit building with a 203k loan I use the money from the 203 k loan plus about 15-18k of my own money. Should I have instant equity? If so what do I need to do next to use that money to put down on another property?

It depends on the value of the property. If it appreciates in value you would gain the appreciation. If it depreciates or stays the same you are right where you are now.

If you are going to do rehab, you will need to get it completed then have the property reappraised. The availability of cash-out is contingent upon the new value.