@Ngan Nguyen,I'm 100% with @Linda Osborn,  IMO it's better to be lower and get your pick of qualified vs. higher and possibly more desperate people.   

It's unclear from the question whether the home you already own has a vacation home loan as well.IE if home A is an investment property, then you can buy home B as a vacation home.If home A is a vacation home, then you cannot buy home B as a vacation home.If home A is a vacation home and you're desperate to buy home B as a vacation home, I would think you could refinance home A into a different loan product, and then the vacation home loan would be eligible for that area again. 

Understanding the market - bought it under valued - came in with additional capital to improve units that desperately needed updating.

I am not desperate to rush marriage or have a child to get BAH.

Hello fellow landlords, I desperately need some advice and wisdom from more experienced landlords.I bought my first duplex last year and have self managed it.

If he's desperate enough, he will take it.

I had one vacancy left that I knew was priced right, but I kept getting tire kickers or awful applications that I couldn't be desperate enough to accept.Last week, I updated the ad and offered $400 off the first month's rent.

Understanding the market - bought it under valued - came in with additional capital to improve units that desperately needed updating.

I would argue that you should be able to invest at least the minimum along side your investors and should have income or other assets that won't put you in a desperate situation. 

You need to be in a fairly desperate situation to justify this strategy.