I'll skip to the "tl;dr"....We prepaid PMI on our primary residence.We are considering refinancing.

Hello,I'm curious what closing costs and fees were tied into all of your recent cash out rental property refinances....and with what bank/lender you refinanced with?

Once I renovated the houses and waited the 6 months seasoning period, I refinanced the first house to pay off one of the loans.

The property will more than likely be refinanced in the next year or two which would likely add about $200/month to the payment.  

Ran the numbers and knocking it down 1% would save me $180~ a month, ultimately not sure if theres a way around it with all closing costs, or if lenders give incentives for "doubling up" etc.Trevor, refinancing would remove PMI correct?

So if you're buying or refinancing an investment property and you have 6 homes total, you would need 6 months PITI on the property you're buying or refinancing, no reserves for your primary residence, and 4% of the unpaid balance on the other 4 homes.I'll throw some numbers out there to help clarify.Subject Property for the New Loan - 6 Months Reserves  (6 x $1,000) = $6,000Primary Residence - No Reserves Needed4 Additional Financed Properties - 4% of total unpaid principal balance of $600,000 = $24,000Total Reserves Needed = $30,000

We have a niche property In suburban Philadelphia that needs a lease/renter before it can be refinanced.

And if everything goes as planned, is there anything holding me back from refinancing once all the renovations are completed?  

The seller is telling me "it's only negative cashflow for a year and then you get it refinanced" but I am really skeptical to move forward on something that will drain all of my reserves for down payment and the $4500 rehab and then have negative cash flow for a while.  

That said, if you do want to refinance out, there are lenders and banks who specialize in refinancing USDA loans, into other USDA loans.