Columbus, Ohio is a great market to pick up rental properties because of the lower home prices and demand from renters.

If you're just looking to lower your payment, then take the total costs its going to take to refinance (at the very least 5k) and then divide that by the monthly cash flow improvement you'll have by getting lower rates.

My purchase price was over 20 years ago, I do not remember closing costs, have refinanced twice at least and I have been renting it for almost as long. 

@Sol Naim I have one property close to a church.

"The bidding starts at <60% FMV>"4) After you get some bids on Sunday and the open house is over, you start going through the bidder list and calling everyone bu the highest bidder offering them to outbid the highest bidder.5) You repeat step #4 until you bid up the price as high as you can.6) Meet with highest bidder and take a non-refundable deposit (specify this as a "condition" of the bid auction). 7) Close.The idea here is if the highest bidder flakes out, you still have a list of other bidders, everyone just $500 or so lower than the highest bidder.

The interest rate we would pay them would be more that the CD rate (win) yet lower than the banks mortgage rate (win).

It is mostly 2 loan closings as well have to keep in mind the loan costs. 

I have all my bids and estimates from my subcontractors so I'm getting really close! 

It was known before closing due to the tenant mentioning it, the same time she mentioned the window was broken into the seller dropped the price to compensate.

And even better you can stay so close to home for your first investments. 1.5 hours isn't bad, and if you need to make that drive for a day or even grab a cheap hotel for a night or two that's pretty nice.Best of luck.