First get a job.Save enough for 3.5% down for FHA mortgage and buy a 2-4 family property.You can live in one unit and rent out the rest.

Lastly, plopping down 5% points for a marginal savings on a monthly payment might not be the most effective use of those funds, maybe being able to buy the next a bit quicker would generate a higher return for the cash.and no, I do not believe we will see rates below 5%, and the fed has never had any control over mortgage rates with the fed funds rate as that is the shortest possible rate overnight borrowing between banks.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

One approach could be looking into house hacking, where you buy a property, live in one unit, and rent out the others to cover your mortgage.

It’s looking like this will cash flow neg just with est mortgage payments plus insurance and taxes of $1100ish (after renovation), property management of $120.

It is handled more like a traditional mortgage at closing through title.

In-House seems cheaper but more of a hassle and time consuming. 

Quote from @Amir Rahmani: Either laminate or vinyl flooring would be a good choice. since it's cheaper I’m not a fan of carpet at all, especially for rental properties.Thank you for your comments, Amir! 

Nonetheless, I agree... with your mortgage rate being so low, it seems like it makes sense to access the equity via other methods beyond refinancing. 

Another investor in our mortgage fund wanted to visit every borrower and discuss their personal financial situation with them.