For example: This month they charged a full month for tenant placement fee then, the same month, they charge a PM fee.

Many of the recipients are single mothers who actually want to find stable housing for themselves and their children so initially they are looking for the best house they can find and it is only when time is running out and their voucher is expiring (Yes that is a thing) that they begin lowering their standards and will settle for a cheaply put together home. 

If rates improve slightly, a cash-out refinance could lower your mortgage rate, but ensure the numbers work with your long-term goals.One thing to consider is your return on equity (ROE).

That means that if you are a landlord of lower end rental you will be accepting that applicant with felony convictions, bad credit, and evictions!

Have a few arms due in about 5 years..those I will finance to fixed rate as rates lower. 

My goal of refinancing was simply lowering our monthly spending to reallocate towards future investments.

When the landlord/PM files a claim, the money is pulled from the tenants bank account or charged to their card.

What @Mackaylee Beach said....at least have this guy fill out an application and check his background (and charge accordingly).

If you can come up with an extra 1.5% and finance with a conventional loan you have none of those downsides, a lower monthly payment and PMI only until you hit 20% equity

@Carlos Ptriawan how do you mean, "management required the LTV to be lower than 50-60 percent" ?