With a regular, regulated lender neither one is legally possible and wouldn’t meet fed/state banking regulations.The current lender will either give you a discounted pay off, or they won’t.....that is your only solution to refi.The deferred principle makes this sound like a loan Modification done by a major lender.....not sure what a “balloon payoff penalty” is, sounds you are mixing up terminologies.

It sounds affordable and useful, and can save that much in a month or two safeguarding flips against bad contractors.

Sounds like freeing up your husband's time is a priority in order to move faster.

It doesn't sound exciting to say you work for a major corporation but your chances of long-term wealth dramatically go up when working within these corporations. 

That all looks & sounds correct but the numbers are even worse here in Dallas where almost nothing today cash flows with a mortgage.

It sounds like you are off to a great start.

It sounds to me like you have a mortgage on your primary home that you used to buy two rental properties.

Hey I don't know your business but that sounds like the right way to do things. 

Hire a PM and let them deal with it, you sound way to emotional and this needs to be treated as a business.

sounds like you have it in control!