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avatarOyebanjo
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When you say a second home for reatnl, do you mean a second home that you will sometime reside in or do you mean a second home strictly as a reatnl.I would consider a duplex as most lenders consider a duplex the same as a single family house. As a matter of fact 1-4 units are normally considered as a single family home for mortgage purposes.You should check and see what type of mortgage you would be qualified for, the approximate interest rate, as well as the amount you plan to pay for this reatnl.Now you should figure out the income of the property and if you will have to come out of pocket with any of the monthly mortgage,insurance or taxes.There is also up keep of the property that should be added to the equation.You might also check with the Apartment House Association in your local area for additional information. Since you are now gonna be a land lord you might consider joining this group as they have the necessary reatnl agreements, eviction forms, means to run credit reports and other things necessary for you to be land lords and will supply you with limited legal advise.I hope this has been of some use to you, good luck. FIGHT ON