Should it be labeled as "2.5% of the purchase price toward closing costs"?

The loan application will ask about the assets you need for the purchase (down payment, closing costs, and reserves), and you will need documentation for those accounts (most recent statements). 

You can have both accounts for a period of time until you move everything over, then you can close your Wells Fargo accounts.Frankly, Wells Fargo has been a frustration... they won't allow mobile deposit over $2,500 and you can't send a wire transfer online for over $10K -  they make you go to the branch (what a joke!!!). 

Account Closed, curious, what did you end up going with?

I will be happy to connect you with investors, and I can assure you they will not all sing the praises of REI and passive investing. 

The previous landlord held first, last, and security which I was credited at closing.

Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.Thanks in advance :) I would rather eat gas station sushi then invest in a rent by the room property in Cleveland Heights.

I wasn't watching it closely when I lived there. 

Happy to connect. 

Thank you for letting me connect with you.