Me and my wife are refinancing our home. My question is what should I do if I want to have a downpayment ready to go for when I find a new deal(my first deal) for an investment property?

Hey John.  I've had a similar issue in the past.  You have a lump of cash but are waiting to put it towards a down payment.  Assuming you will need it anytime between 30 days and 6 months till you can close on your next property correct?  In that case, I have put it in a 30 day CD (repeat as needed).  You will need your earnest money within 3 days (about $5,000) but won't need your downpayment for 30 days.  That will give you some time to take the money out.  You will earn a tiny amount of interest but it is better than nothing.