I've had an appraisal recently and have hit 80% LTV and since rates are still low I've been thinking about refinancing into a conventional mortgage to drop my PMI.  

GREAT for cash flow but no real appreciation ( at least in cash flow renter dominated neighborhoods)  So your not too late it will always be there.. there will always be inventory to buy in any rental dominated area like INdy, Memphis KC  etc etc..

When you get a conventional mortgage, Fannie Mae or Freddie Mac will 'buy' the mortgage from the bank that originates the mortgage.

Be prepared for it is the conventional wisdom and I think that is extremely good advice.

Conventional loans may want 20% down (though you can find ones with less), but you may qualify for an FHA 203 loan, which allows you to only give 3.5% down (though you'll have a slightly higher interest rate).Like I said, it really comes down to the cost of entry around you.  

They always have lots of inventory online so you can look at what they have to get an idea what I'm talking about.

If the rental rates are higher in the area you're considering, it's a good bet there is more demand there than inventory.  

Start looking for all cash deals, hard money, or cash-out refi from you current inventory to allow an all cash offer.

They are conventionally financed with both myself and my wife on the mortgage and the title.

Not most of them, as they simply raise the cost basis of your "inventory" and get deducted when you sell.