If you’re adding the image directly in the editor, then the_content() will always echo the image. Which means the title can only be above the blog post or below it. You should try adding the image as a featured image. Take a look at this link to see how to add featured image support, and how to use it-> http://codex.wordpress.org/Post_Thumbnails
Basically you need to add the code below to the functions.php file. This will turn on the featured images option.
add_theme_support('post-thumbnails');
Update the loop to include the featured image.
<?php if ( have_posts() ) while ( have_posts() ) : the_post(); ?>
<div class="post_title">
<div id="nav-above" class="navigation">
</div><!-- #nav-above -->
<div class="entry-meta">
</div><!-- .entry-meta -->
</div>
<table id="post-<?php the_ID(); ?>" <?php post_class(); ?>
<div class="entry-content-left">
<div class="entry-content-right">
<?php
//possible image sizes: thumbnail,medium,large,full
the_post_thumbnail('full');
<h3 class="entry-title"><?php the_title(); ?></h3>
<h2 class="the_subtitle"><?php the_subtitle(); ?></h2>
the_content();
?>
Go to your blog post edit page, look on the bottom right side for the “Set featured image” box. Add your image.