It's a fantastic way to learn.Per program rule, you need to live there for a year, but that will give you time to learn about landlording, etc and you'll live for free so you can easily save up for your next purchase!

I was just hoping someone could give me a little advice or possibly some referrals on who to contact or where to start looking for a mortgage lender, I plan to use the FHA program buy the way or hopefully talk to a lender and maybe look into some other low money down options.

Not all conventional lenders are familiar with this program, but it is a Fannie Mae back loan.

Anybody have any ability to review row and cons. Is this system worth doing to get started. 

I have never heard of a lender not being able to offer the full FHA program so it may be something with your qualification 

I am wondering is there any banks/lenders in Philadelphia area that have similar program without BPMI?

They also have real estate and entrepreneurship programs out there which can be really good.  

@Gary Dale McKee I believe you are referring to Phil Pustejovsky's program.  

Unless things have changed in the new year, there are also some 5% down traditional mortgage programs where you won't have to deal with FHA requirements. 

If you're looking to use the funds for rehab/improvements, then you should definitely look at a renovation loan, namely the Homestyle program.