If that is possible what is the process (i.e. is there a time period that I should wait before taking out a loan on the for the second home)?

As things improve, I'll be able to do more 'out of state' work, thus I'll be out of state more often and for longer periods of time.

Then there were periods of no rent and by the second hurricane they had lost a lot of their value (but of course no rebate given on the higher taxes we had paid).The family still has a unit in Alabama (not beach front, it is on a lake) but we will be leery of purchasing out of state again.

(Remember there is a 2 year homestead period for TX and the borrower can come back within that period to claim his property).

Obviously i can fly in periodically for due diligence  etc  but do you guys/girls think it is a bad idea? 

So the sellers should have had plenty of time to work this out, yet they've only brought this up now.I do have copies of their leases, and I spoke with the tenants after the inspection period.  

That would be no money out of pocket and cover the 2 months or so (seasoning period) of home equity loan payments plus a little reserves.

Immediately with a signed lease it what the seasoning period of 1 day is referring to...so it depends on the lender.

The interest rates are higher and with the small period of time, your payments will be higher.

I have a private investor that intends on investing $100K for a period of 5 years with a 10% return with an option to receive all investment after 3 years.