At 5.5%, you may be able to get significant yield spread to cover some closing costs. 

The yield curve is relatively flat right now, which means that many lenders are adding a spread to LIBOR that puts you close to longer-term fixed rate pricing.I recommend doing an analysis that compares using longer term mortgage debt vs. a revolving facility.

Social security payments were based on the last 2 years working so you would want to spike your pay so you can maximize your social security when 65.

Good rental yield?

I know that seems to be rare these days) try offering them a few grand throw back on the deal to offer better return than a high yield savings.

If Equity multiple is 2.5x, I should expect 2.5x’s my money at closeTargeted average cash yield is 5%, I'm lost here.

This is my go-to for financing because I'd rather save the money for the rehab costs...that's how you maximize your cashflow because a remodeled home with the highest rents, will always trump saving money on a mortgage with extra money down, but no longer having money to rehab and get good rent.

Is an insurance claim likely to yield any funding for repairs and replacement?

You can even maximize that fha loan with a 4-plex.

My recommendation would be to pay down the debt first, at least until it is at a more reasonable level. 6% risk free return compares to the ~2.5% you can earn in a high yield savings account. 3.5% incremental return to the equilibrium risk free rate is fantastic.