You can get cheaper properties closer to the center of Atlanta, but they'll require a more extensive rehab. 

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

Banks foreclose on properties when owners fail to pay their mortgages.

Quote from @Sonja Revells: @Chris Seveney primarily Padsplits  I would speak to a few lenders first before going through all these hoops, as I started to do this then when talking to banks they were basically telling me either get a secured mortgage as they will not lend to a real estate company on unsecured credit/debt.

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. 

I recommend having your deals secured by a mortgage and a promissory note for your investors.

I was pre-approved for a conventional mortgage with a 3 % down payment 2.75 Interest Rate.

You are sitting on a big unrealized gain with that mortgage and if you prepay it you’re paying them back at par.

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! 

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.