Hi Daniel, Columbus GA has properties much lower in price than the metro Atlanta area, you should do fine to learn your local market.

You could negotiate terms such as a lower interest rate or interest-only payments for a set period to ease your upfront burden.Lease-Option Agreement: If the landlord isn’t ready to sell outright, consider proposing a lease-option where you continue renting for a set period with an agreed purchase price.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Appraisal is where if the value of the property didn't meet the value of the loan, you can negotiate the price to lower it.

This is my first Brrrr I'd start the process to get the appraisal ordered and try to get a tenant in there before closing on the refi, otherwise the lender may lower the max LTV

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?

Don't go for the cheapest (unless the price is lower because it is on sale), but also don't go for the most expensive. 

Benefit of waiting is lower mortgage payments and lower debt.

Pros: Lower interest rates, flexible access to funds, and leverage without selling your home.

It's a more affordable market and lower property taxes, so you may actually have a chance to cash flow.