My tenant left without making a payment and upon inspecting the house I found a few damages to the property (like 3 doors need to be replaced ...etc).

If your looking at a SFR property, have good credit, and 5% down payment instead of 3.5% you may be able to get a better deal with a conventional loan. 

For example, if I take the DSCR loan myself and use a HELOC for the down payment, the property is in my name, but I have friends and associates who might want to invest, say $5k or $10k.

Save as much money for a down payment as possible. 

Make sure you can afford that higher mortgage payment for an extended time IF needed.

First time home buyer to qualify for certain down payment assistance programs and loans is a person who has NOT owned for the past 36 months.FHA doesn't require you to be a first time home buyer.

Hi John, Here are the numbers: Purchase Price $101k/ ARV $205k/ Down payment $21k/ No rehab/ 785 credit score/ 30 yr amortization

I would love to hear some of your opinions on what amount is ideal for a down payment, closing cost, ect.

.- Financing seems much riskier, since you have to make the mortgage payments regardless if you have a tenant or not if you finance, but if you own not having a tenant would stink, but you still are getting the appreciation and the risk of going negative cash flow is MUCH less.Thanks -I am really interested in hearing different viewpoints.

Good luck Yes sir the cash needed to close will be about 14k now with the counter coming back at 399 and closing covered. its a VA situation so the down payment will be insane.