@Joseph Dunphy would you happen to have a investor friendly agent you recommend in the Columbus area I have 2 properties I would like to make negotiate & make offers on 

The money exchange between banks, that countries government and ours all will take a cut as well.

They do not know the entire story, so the rates and terms offered are just simply teaser rates to make you interact with them.

Just make sure you're OK living with 6.125% as rate drops are not guaranteed. 

I was hoping to structure a deal that involves paying the seller every month and then a balloon payment in 5 years (when I can get an 80% LTV cash out refinance to put a mortgage on the property without having to put any money down because I'll have built up at least 20%).

I’m unsure if HEL or HELOC or selling the rental, doing 0% balance transfers makes more sense, or a combination.  

This will make investing in midwest fairly simple.

If you bought down the rate it would take longer for the market to improve enough to make refinancing worth it for you. 

So, your strategy of a downstroke and then payouts over time make sense.Obviously, the seller would like 100% cash upfront, but those days are gone! 

It is a great resource to get started, and I guarantee you can make it happen with some education/solid team.