This is going to be a rental property, so I figured I would reach out on Bigger Pockets for some feedback.Finally, if I am considering accepting Section 8 for the very first time, how does that impact my decision. 

Sure, within the next 12-24 months there may be some great deals coming on the market at owners who purchased a bit too thin on the cashflow find themselves crunched and suddenly motivated to sell, but that's kind of irrelevant when you're looking to buy a primary residence which is a decision most people make more for the emotional/stability reasons than for the cold-hard investor reasons.Main question to ask is can you afford what you want.

A huge factor in your decision should be location, Philly is considered to be very block by block.

Any suggestions are greatly welcomed to help me get some clarity regarding the pros and cons of this decision.

Many of you are basically asking this question, and knowing how to make these 3 calculations helps take the passion out of the decision.

Your margin for error would be razor-thin.Moreover, I think you'll feel better about making investment decisions when you have the proper financial tools to analyze your deals.

You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck and let me know if you have any questions.

Think about it this way: if I go out and crush a six-pack, drive home, and get there safely with no accident, does that mean that I made a smart decision or made the right choice?

Educating yourself before you make any rash investment decisions.

I’m in the stage of trying to determine the best way to go about my first rental and just want to make sure I have as much information as possible to make the best informed decision.