Lenders don't limit the amount of properties you can buy, as long as it meets their underwriting criteria, your credit and financials are in order and you meet their loan to value requirements.  

No limit on children.

I also agree with you that its all about limiting tenant turnover. 

It actually got very difficult to find willing employees to work in a massive city that would not allow the grand majority of them to live within its City limits.

Instead, I built up my credit lines (credit card limits).

I am here because like many others I am seeking financial freedom, but more importantly I am limited to where I am able to work.

I'd also encourage you to look at a 3 or 4 plex. they are a lot more rare and it will really limit where you can live but that sets you up the best to cover your expenses 

@Joseph PuglieseIf your business is accrual basis and previously accrued the revenue and included it in taxable income, yes you could write off the bad debts.If cash basis, you don't get to write off revenue you never received as you never were taxed on it in the first place.There are extremely limited exceptions to this, particularly if you're cash basis and recognized the revenue under constructive receipt, however I suspect your fact pattern is not that complicated.You can deduct your normal operating expenses of the rental.Your CPA is best equipped to help you deal with this.

Keep in mind condos are challenging with limits on frequency and duration of tenancies, HOA approval of tenants and often the condo fees kill cash flow. 

The Fannie 10 limit rule is 10 financed Properties, not 10 Loans.  5 different properties with one blanket mtg counts the same as the 5 properties with 2 loans each.