Im currently awaiting the reappraisal of my 1st property to remove my $111 PMI. I put extensive work into it and foresee a nice increase in the value from the initial 380K purchase to a conservative number of 440K I have 335K left on the loan at 4% APR. I was recently told by a mortgage broker that I could refi into a 2.75 APR loan saving me roughly $360 (this includes the savings from the removal of the PMI). The Rifi closing cost is roughly 12k which would take away from my funds for my next property. Should I consider the Rifi and look at it as a imaginary cash flow property of $360 with just 12K down or keep saving up for the investment property I look to get this year?

Are they having you pay the closing costs out of pocket? Why not roll the closing costs in so it's not out of pocket and you still lower your payment a couple hundred dollars every month?