What I remember so distinctly about acquiring the first rental is how there were a lot of documents and signatures, but no actual money at the closing.

Ok thank you I understand the distinction now.

From my POV.it really depends on asset class and tenant Class.. this is a huge distinction. my clients that I sold apartment complex to in Oregon with B class.. they pay 4% but then have to pay for on site manager as employee.. so 4% to manage the on site person so that person does not rip you off :).However for BP and I have to think the vast majority of the rental property investors on this site that have gone to  D C B out of state markets.. those props are not like a 600k rental in Denver and the tenant that comes with it.. or really any city with a A class tenant..

Here is an excerpt (edited slightly by me) from an Appellate Court case in Connecticut that discusses the test:"If an agreement is personal, it cannot be said to have run with the land and thus cannot have bound the future grantee....For purposes of the distinction between real covenants (running with the land, or touching and concerning the land) and personal covenants, a covenant may run with the land or may be a matter between only the purchaser and grantor.

To clarify, the biggest distinction between a second home and a rental is the 10% down?

@Greg H.thanks for the feed back and the distinction between and automatic acceptance and the possibility of an acceptance - that is what I was missing.  

Perhaps the words "retroactive" and "reverse" are too similar for your mind to draw the distinction.

It was a mass hotelization of a place that really had a unique sense of place and not just the city but individual neighborhoods - Treme, Uptown, Garden District, Fauberg Marigny - all very distinct from one another. 

And also you and others identified benefits I am not realized before now.I'd say to first and foremost make that clear distinction that it's NOT an "investment" that it's you, or anyone, starting a Business. 

Quote from the article: "Texas cases don’t necessarily have a good and distinct and succinct definition of ‘squatter,’” said Adams.