The owner was in financial trouble and re-opened negotiations and got pre-paid of a 30 year lease, at a reduced rate of course.

Maybe even use PrePaid Legal? 

HI Chad,Some banks like the one I work at offer a product that is tailored to your needs, such as 23 year fixed mortgage product instead of restarting your 30 year time clock on your current 23 year remaining note.When you ask the question of whether its worth it to refinance with a 1% rate reduction, it depends on how much costs your paying to close as you may want to consider your bigger picture perspective or have someone who is going to have the knowledge and patience to explain those options to you.I've had some clients who refinance with as low as .125 to .25% rate reduction but in those instances I provided them a lender credit so large they in essence had no out of pocket at all and in some cases were able to skip a month or two in payments (lender credit issued covered all closing, impounds, prepaids, etc).so 1% savings is awesome but if it costs 10k it may not be worth it if you're going to be out of the home in 1-2 years, however if you were in the home for 30 years you'd have time to recoop your savings slowly over an extended period of time and possibly make back all your money you spent upfront. so like all answers in life, it depends.

You will learn quite a bit, things like setting up a second line, setting up a mailbox, drafting late rent notices, having prepaid mail etc. 

Certified letter w return envelope prepaid

My local REIA members are nice, but I feel like their primary motivation is to try and sell me something (prepaid legal, no cash flow rentals etc.).

Perhaps a penalty if it's prepaid before 2 years? 

Why not purchase with cash to avoid closing costs and prepaid monies.

If you wish to get a first assessment consider joining a pre-paid legal plan.

If there are any delays in completion ofthe project, Borrower shall notify the Lender in writing via email.This note may be prepaid by the Borrower at any time in whole or in part without premium orpenalty.