My wife runs a specialized personal training gym and her location and convenience to clients is very important, but she also sees people multiple times per week and she could get new clients in new areas.

The cash may be better spent on things that will grow your value and allow the PMI to be taken off sooner.  

An associate was recently told they were responsible for a week's worth of interest after closing, but was not told whether or not a portion would be refunded if the funds were received sooner.

If the property is in good shape and the comps support what you are talking about then i would immediately "edit' your last name on your profile and start looking at how to get the place sooner rather than later.

It would make more sense to BRRRR the property for their first one, because when they mess up and under estimate the rehab costs, at least they can hold on to the asset and sooner or later the rent will make them whole again.

I would take a 30 year loan and try to pay it off sooner though, so it's easier to cover the mortgage payment during vacancies

However, if you loosen your criteria and are willing to venture into more fringe neighborhoods, you will be more likely to cash flow sooner.

Having that $360k hanging over you forever (with the interest capitalizing at your $35 payment level) is not ideal and you need to attack it sooner or later.

I have a 3 story house with 4 baths (tub/shower, sink, toilet), a jacuzzi on the 3rd floor, 8 beds (sometimes more), 2 washers, 3 dryers, a kegorator, gym equipment in the basement, big gas grill, big charcoal grill, pecan tree in the yard, 5 HDTVs, and it's haunted.It gets rented out to men doing contract work at a refinery. 

Here I have a room full of tire kickers at my open house that convince a good prospect renting from me 2 months sooner.