Does 2% rule apply to financed as well as cash-bought home rentals?

[Dan Brindley]

This may be a silly question, but does the 2% rule apply to homes that I would buy outright?
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One more thing, is the 50% rule only applicable to financed rentals? Because I would think that less than 50% would be spent on the expenses of a rental if there's no mortgage that has to be repayed?