And since I purchased this home for $120,000, that means my bank will have to reduce the loan amount down to $127,400 to keep my cash back at $120K with rolling in all closing costs and prepaids.

I do plan to reduce my asking rent and get it rented in the next month or two.Thank you in advanceBrady

To be clear - this is not a post complaining about this nor am I advocating evicting anyone due to this severe crisis.But as people are losing their jobs all over the place - esp. in retail, restaurants etc, we can prepare for a lot of missed or reduced rent payments on April 1. 

If your income has been reduced because of COVID-19, you may be eligible for mortgage relief.  

Or if they show that they've had hours reduced etc?

But if the company decides to reduce its dividend then your rate of return is now reduced.

Say you do not care where the money comes from--buyer, relator or if you are paying some closing costs to the buyer, reducing those.Then in the same conversation tell the realtor that you want to start taking back up offers and to please change the MLS listing accordingly and put the property on the websites as taking back up offers, not as pending.

Now, of course, there is a ton of uncertainty about everything.I'm still considering the refinance, but if I do it at all, I'll be reducing the total loan amount from what I was considering.

What is typically preventative from going the LLC route?

On the conservative side of my original post, if I reduced my expenses by $700/mo by buying down the loan $20k, in three years, that’s $25k to the good from reduced expenses.