Question 2: what are the limitations if any, regarding the price of the second home purchase?

Landlords are allowed to set their own occupancy limits.

I deal with more protection for my business since I'm a contractor but this seems a bit overkill.Carrier: ScottsdaleSix-Month Premium: $1179.5625% minimum earned premiumCoverages & Limits:Commercial Property: $125,000 Building Limit – Special Form excluding theft; $2,500 deductible; Replacement Cost Coverage; 80% CoinsuranceCommercial General Liability:$1,000,000 each occurrence; $2,000,000 aggregate limitProducts-Completed Operations Excluded; Designated Premises/Project Limitation included.Conditions: All subs must carry equal or greater limits of liability naming insured as Additional Insured, hold harmless contract in favor of insured, with Certificates of Insurance.Thank you in advance for your consideration.

I don't see you doing any measurable value add on this property.

Based on my limited searching, rent values are only about 20% less in those areas and properties are probably 50% cheaper.

Provide that leadership and the sky is the limit.

In Texas, the limit on cash out loans is 80% and that threshold is still present but if you own your primary home free and clear your HELOC can now be up to 80% of the value of the property.3.  

USDA loans have some big limitations- the property must be in a USDA area and you have income caps.  203k is a great option if you find the right property.  

The savings can be used to buy another investment property that will give you at least neutral cash flow and you can still totally deduct the mortgage interest and state taxes on your investment properties instead of having those deductions limited in your single family home.

(financial things)..to include but not limited to any new leases or modification of existing leases together with rent rolls, with respect to borrower financial conditionThanks for your time