Best of Luck,
Century 21 Tenace
I'm not a lender so I would strongly suggest speaking to a few to weigh your options and make sure you have are well educated in how you move forward with your investment. If you are interested in refinancing and would like to get more information from the lender I spoke to, let me know and I'll get that information over to you!
It's still best to call as they are only updated once a quarter. I've seen them be wrong before. The rates are still low though even on an investment property. Hope this help and let us know if you need more.
But you can definitely refinance an investment/rental property, it's similar to qualifying for a primary residence refinance but the requirements are a bit more strict in terms of credit, debt ratios, and you need to have 6 months of the PITI payment in reserves.
To refinance YOUR rental property which appears to owe more than it's worth, you would need to have your loan owned by Fannie Mae or Freddie Mac (check at http://www.makinghomeaffordable.gov/get-assistance/loan-look ) and then you could theoretically refinance up to 125% loan-to-value.