Again PMI offers the lower rate because its less risky and offers insurance to the bank.So when you sell your current home try and keep as much as possible and avoid an "All Cash" offer.

When they do, expect much lower leverage.It sounds like you haven’t purchased the land yet.

In most Ohio markets, investors can achieve solid cashflow with much lower initial capital investment.

However, I also understand that lower housing cost may saturate the rental market. 

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower. 

Overall sale prices of homes are lower than most areas so that 100-200K can be multiple down payment on investment properties.

.- get into real estate with a lower rate and lesser percentage down payment.

By leveraging real estate in areas with lower entry points and higher returns, you can grow your wealth more effectively without the heavy financial burden of a luxury home.

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower.

If you are in a lower asset class things can go the other way.