My recommendation is that you screen tenants using a service which offers the full spectrum of reporting (job history, rental history, income verification, credit score, any adverse items as a part of their full credit history, nationwide criminal background check, terrorist list check, sex offender list check and eviction history).  

The title says it all, can I buy a vacation home using a second home loan in a city that I already own property in but do not reside in?

Your annual budget and reserve funding documents can shed light on that, and you absolutely need to understand them.Owner's are ultimately responsible to pay fines, and typically charge them back to the tenant directly, or if they are using a Rental manager to oversee their unit, the PM would do so.

The landlord is using a local management company.I bought a house in the Bay and in the sale clause it states that I need to leave in the house (that i bought) no later than 30 days after the deed is recorded.I can't afford to pay mortgage and pay rent at the same time.

Any debits and credits should be disclosed to both buyers and sellers in your closing disclosure if you're using a title company, which I would obviously highlight recommend as they run title searches, etc.

This is my first time using a FHA 203 loan to rehab, for those of investors or contractors have experience using renovation loan, do you still have a contract between you and the contractor?

There are other downsides to using a bank construction loan.

Investment Info:

Single-family residence buy & hold investment in Saint James.

Purchase price: $1,400,004

Cash invested: $150,000

1700 sq ft house that has a finished garage that will become an S...

This will cover title fees, prepaids, notary fees, etc.If you are using a loan, total closing costs are going to be closer to $10k. 

By the cash flow you make every month or by using a different source to pay it back?