NO,, simply don't do it, it messes up your taxes at year end and if for some reason she breaks the lease you have to refund the pre-paid rent.. if she is your top applicant just let her pay what is required.. otherwise don't and move to the best applicant.

A good place to start is the housing commission where the property is, seriously consider getting home section 8 certified, it opens up a wider pool of applicants and you don't have to accept who ever they send over but can still screen tenant applicants, if in Philly try here, a good tenant doesn't reflect to no section 8 anymore there are good and bad in many income brackets, there may be also forms for disclosures that you can print to hand out, section 8 just means and extra source of income to pay the rent, some are disabled so have lower incomes, but a steadier , more reliable income source, consider VASH section 8 which visits the home every month to monitor for tenant violations, more than a landlord could and the tenant is a veteran so their benefits tied to rental contract and they do the background/criminal checkson another note yes you can collect up to 2 months security but after first year may only hold    1 month  , so last month must be applied to last month in tenants first year, Penn considers all prepaids as security, including pet deposit etc...easier to put security in escrow account from start, banks will help you set up, and paper work easier to document, if you can build into rent amount of last month security you can actually use it, such as just charge 815 for rent instead of 750 if market will bear it for unit, less paperwork and yours to keep before last month750*12=9000 1500 security but after first year must give back 750 even with out inspecting for damage815*12=9780 800 securityafter first year adds up even betterhttp://www.phila.gov/fairhousingcommission/Pages/default.aspx

Look at your Pre Paids which include taxes and insurance multiplied by a certain amount of months.

I don't have in Cash , the money to do the Repair work to this property But I am going to get such a great deal on this property , that even after they Finance it at 80% LTV , and even after Closing Costs, Pre-Paids, the Price I'm paying for the Property in General ...........

Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).All other cash-out refinance eligibility requirements are met.

If you cash out within 6 months of acquiring your cash out will be limited to what you have paid no sweat equity...The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).As for the cash flow you can use the current lease minus the expenses to off set the expenses.

I have rent, a prepaid phone bill, Netflix... things to that nature.

You could go FHA, 3.5% down, but you still have closing costs as with any other loan, probably 5-6% or so including your prepaid taxes and insurance.

You can cash out right away no seasoning required, but you can't cash out more than actual documented amount , financing of closing costs, prepaid fees and points subjected to 70%ltv ratio. 

What is a QUICK rule of thumb for ...Buyer Closing Cost % of house valueSeller Closing Cost % of house valueIs it generally accurate to say that the seller pays the realtor fee 6% and the buyer pays for everything else [ appraisal, title, inspection, survey, termite, attorney, escrow, loan fees, and pre-paids?