As pointed out by others, the costs to refi along with the penalty, will take a very long time for you to break even.  

I'll be dipping into the RE market here in one way or another.  

There is even a front porch that was turned into like a foyer.What made you interested in investing in this type of deal?

Hi all,We are looking to get into a first rental.

I sold one of mine last year to a gentleman from out of state who needed to do a 10:31 exchange, and he ended up just moving his son into the place I would recommend advertising on local and even out of state Facebook groups.

Contact the tenant, have a conversation about retaining a portion of the deposit (probably going to have to cut them a break), get them to agree, put it in writing for both parties to sign, and send them the remainder.

Most of the work needed to be done by the seller as they were the ones carrying it and it was owned by several family members who were getting into a fight, etc etc.

Back in the day we carried a balance of $100,000+ that was owed to us and that is now down to only $10,000 or so and we only cover out of pocket if it's an emergency.The PM must have sufficient reserves to do the necessary maintenance work and shouldn't be chasing landlords for money.Just my opinion...Also, a PM's number 1 profit center is maintenance up charge.Landlords don't have much insight and PM's nickel and dime to death on those.If you are suspicious, ask for a receipt so they aren't making up non existent maintenance.Let them make their money tho and calculate that into your expense pro-forma.Otherwise, manage yourself and deal with the $#%^@ that comes with it lol.Multifamily in Ohio, you can get for $25,000 - $35,000 a unit.Drop another $5,000 - $10,000 into the turns and rents should be North of $800pm.Decent area's also.Personally, I wouldn't get out of bed unless I'm making the above numbers.Wishing you much success

So, it’s important to do your research—check the developer’s reputation, consider proximity to jobs and schools, and look into any tax incentives.

A lot of work went into finding, checking, and negotiating.