If I can reduce my monthly payments by $200/month, would it make sense to refinance?

I plan on reducing rent 20% or more if there is a surge in vacancies when things go south. 

Seems like a waste of time and energy.  

I think it is a great way to reduce one of your largest monthly expenses, rent if not live rent free.You may be eligible for tax deductions that you were not entitled to before. 

For the time and energy they save you, it's well worth the commissions.Likely too late to go back and do things over now, so I'd recommend really leaning into the license and make the most of it.

Ask the REP (retail energy provider) to set you up with a CSA (continuous service agreement) so that when the tenant moves out it will roll back into your name (you don't want to lose power and have to pay re-connection fees, etc.). 

This will reduce costs to minor park maintenance and taxes.

There are discount brokerages out there you can work with that offer reduced commissions but you get what you pay for as they say; working with these brokerages will limit the number of properties you get access to because the traditional brokerages don’t like working with them.

Overall costs need to be reduced by $8k for me to do it.

My vote would be walk away and use your time and energy to grow, not to get even.