Usually you make a few points at closing and then the interest-only on the loan monthly with the principal coming due at maturity. 

FHA vs Conventional will largely come down to your credit score, downpayment, use, income/DTI, and future plans.

My name is Kareem Daniels, and I am the husband of Shakera Daniels.

Many make the mistake of focusing solely on the acquisition and think that is the key to success but the post-acquisition part of being an investor is equally as important and it is NOT intuitive, especially in Philly.

As mentioned, you probably have to skip condos, and you REALLY want to look up the local laws AND the HOA CC&Rs. 

There is a link in my profile if you want to set up a call. 

How did you add value to the deal?

The credit committee is usually made up of local people who are familiar with the market they are in.

@Cesar Jaramillo if you can afford it, live where you are the happiest.Good investing...

I think a good first step would to be find a good VA lender and then can walk you through the process.