How long should I wait until I buy the second property?

As others have mentioned, you'll need a pre-approval or proof of funds to proceed.

The only challenges you haven't mentioned is advertising for roommates, screening them and where to get a lease.

So the quotes others have mentioned I assume are pretty close to what it might actually cost. 

@John Underwood good feedback I appreciate it.I am viewing the property Friday so will have a better POV on landscaping maintenance then.I hadn’t considered the other items you mentioned, so thank you!

Already mentioned above, but for leveraging your current home for the other a HELOC is probably the route that would be best. 

@Randall Ayers By coincidence I was at a market update meeting this afternoon and a presenter was a hard money lender in Arizona and...wait for it...Colorado.

After speaking with my Plumbing/Heating guy he mentioned these meters and I was very interested at first, but was put off by just the price of the meters (MSRP of $800ish each).

Thanks @Drew Sygit for the mention. 

However, it might limit your buyer pool, as owner-occupants may be less interested in waiting for a lease to end or dealing with current tenants.