The Combined income was over $350k per year.I can't tell you how many Investors I have known for the last 20 years miss the boat because they couldn't find themselves "Betting" on the trends.I think if you can put your fingers on the pulse of the Market, you can easily beat the averages, by FAR.However, not everyone has that kind of risk tolerance.

And you can always refinance if and when rates fall again.

Also for the monthly payments which I understand to be interest only, if within the first 6 months I refinance am I required to pay the last 6 months interest only payments?

You can keep existing loans and not refinance.   

I would like to structure purchase to reduce down payment when I close or even better to take it to a bank to consider it as a refinance.....NOT PURCHASE WITH DP.

So I listened to this podcast again for the third time just tonight and totally missed that first part where @Brandon Turner mentions how difficult refinancing has been for his recent conventional refinance and he had to write an essay on why refinancing is a good thing. 

I have since moved out and would like to refinance but the comparable sales aren't high enough to get me to 75% LTV without having to put my own money into it.

Marketing wise, is direct mail still viable in 2018, or is web based marketing targeting seller owned properties a better bet?

The answer is yes, you can use funds from a cash-out refinance to purchase another property.

I am waiting to see some innovation in Home buying, like more lease to buy formats etc or something else that may change the transaction of Home buying but I bet the millennials will live in homes no different than the previous gens.