While quick closings can be advantageous, they might come with higher costs or less favorable terms, impacting the financial health of the investment over time.

In general, adding a mother-in-law suite is not going cost more to do than the value it will add to your home in Ohio

These are real costs that hit your bottom line whether you like it or not.The biggest mistake I see from new investors is taking the revenue and minusing the mortgage payment and calling that cash flow.

I was thinking of using these funds for the closing costs instead.

Think of it this way - the 6.00% cap rate is your cost of equity.

His rehab costs were less than what I Typically pay to paint the interior of one of my rehabs.  

Did you do any improvements that increased the value?

My experience was getting my personal credit utilization high as I bought product for my business, and subsequently my FICO went low; therefore financing was increasingly difficult. 

You'll need to get a loan through the bank and even then, you'll have a higher cost than 2500/mo

This requires an unexpired passport and bank statements showing down payments and closing costs which would need to be translated and in U.S.