I have a owner who will carry a second but I need to find a bank who will work with a 2nd. 

I feel like there is a lot of risk as is— adding more just increases your risk of damages.

I have a rental that is fully paid off, but my primary residence carries a mortgage. 

Hey buddy-o, you can either fix the electrical and have a handyperson throw some handrails up, or this property is going to someone using fix-n-flip financing, which carries double digit interest rates, meaning the offer must be lowball by necessity.

As with any REI you need to evaluate the individual investment or fund for what the risk points are and what are the mitigating factors for the risk. 

If you are a surgeon making $200,000 a year then you can probably pay most major expenses out of your monthly income.Everyone's financial situation and risk level is different.

The owner financed with 10% down and carried the balance.

I plan to spend 2-4 months in each rehab to avoid any risk if the market changes.

I have a similar plan for my furnaces and hot water heaters with my local utility company...it's called risk control. 

How big of a risk am I taking. 100,000k is pretty much all of my business capital and this still is not 20% the banks want.