In other words, it may be cheaper to drop your rate $100 and keep the current renter in place.Sit down with paper and consider the costs of each decision.

With no prepayment it is reassuring to know I can refi in a year or two if rates do drop. 

Values dropped by 55% in my area (Phoenix) and there was no way I could sell these properties. 

Compared to ATX where rents are still dropping because of a glut of inventory.  

A drop-and-swap allows investors to drop out of their current ownership structure, break away from partners and buy a property on their own.

I don't think waiting for a rate drop is smart.  

I'm currently looking into dropping my wealth management team and hiring someone (CFA/ tax lawyer who specializes in RE?) 

When will mortgage rates drop?

The part that is discouraging to me (at least as pertains to BP) is that we've had some big hitters drop off our boards the last few years and I wonder how much of it is just exasperation with some of these people.

Cash-out refi's are expensive, investment purchase rates are expensive, and it won't be easy to quickly refinance to a lower rate if you maximize your leverage and values drop.