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.

Hey David,Philly has great investment opportunities, you just have to find the right places to look and secure the best type of deals.

Many of these are interest only payments until the agreed upon loan matures. ( PMLs are very adaptable to situations, markets, and costs- compared to traditional banking institutions). 

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.

In your case you can also take advantage of 0% down payment VA loans only available to military individuals.

.- 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.

Figure out your equity and make payments.