Also, interest rates have dropped to all time lows allowing an opportunistic window to lock in very attractive financing. 

The virtual showings aren't ideal as they have a lower conversion rate, but it's really the only way to get people to actually inquire about it because in-person showings have dropped considerably. 

Speak with the bank but if the income drops it could be a problem.

Any other big purchases in the near future as refinancing could cause a temporary drop in your credit score. 

Rates have gone up from the time they bottomed out because demand for refinances and new purchases is so high, even with the 10 year bond yield dropping.

What are some things that we can anticipate will happen in our local markets with fed rates dropping, businesses temporarily on hold...what types of real estate will be impacted the most.

I am very confident that the news cycle is going to be very scary.

Can someone explain why morgage rates are increasing despite the Fed drop to 0%?

I am a relatively new real estate investor as well...and agree with a lot of the advice on this thread...and would add the following.1) make sure you have 3-6 months reserve in case you can't fill the vacancies.2) if you dropped the rent below market ($100-$200/month) would you still be break-even or cash flow positive? 

I am considering refinancing an investment property now that rates have dropped.