I don't have a whole lot of money saved at this point, hence why I am starting to learn more about REI and what direction I want to take.

Per online sources I also found this, "The average American mortgage refinance costs between 3 and 6 percent of the home loan's value.

My logic is to offer them more of a return that they are getting with thier money in a savings account for the year.   

@Tony Gallina check out this tool I found online when looking at properties.. all of this info should be readily available and easy to access for a Commercial Real Estate Broker..

If either one of you been saving with a company and have any IRA or 401K savings you could probably use that to help you in investment.  

My only "plan" was to continue to buy homes once I could save enough for down payment/closing costs and lease them out hoping to cover the mortgage and still make a little monthly income ($150 - $250 minimum). 

In dealing with this population i have learned by observation that many people 1. don't save nearly enough 2.

I hate to tell you, but in trying to save costs, I think you've taken the most expensive route.

It will save time and money.

If you do not qualify for traditional lenders due to factors such as debt-to-income (DTI), too many loans outstanding, or poor credit, you can also look into online private lenders.