First home purchase and other questions about financing

[Gordon D.]

Hello,

I am in the process of purchasing my first rental property (30 year fixed). I have pretty good credit and no debt currently. This loan process was pretty easy because of no debt. My plan is to purchase another property in a year or two if I get decent returns renting this property. I know there will be some challenges etc.

For my second loan I am thinking about on what that process would be like.... 

Lets say I was in a position where the mortgage was being covered by a renter. And I was earning 10%. What does the bank look for in order to get a second loan. What are some other loan options I should be looking at as well?

Thank you