It would have to be owner-occupied and I'm not sure if they allow multi-families but, if not, you might be able to rent out rooms.Banks will also look at your debt to income (DTI) ratio. 

Will you still be able to cover the debt servicing and expenses?

You can also stop renting to Section 8 tenants and that will eliminate your Sec 8 annual inspections.

Keeping that in mind, many have more equity in their properties and some believe strongly in having zero debt and paying off the mortgages as quickly as possible rather than continuing to buy more properties through refinancing.I have at least 30% equity in every one of my rental properties.

That takes time also, keep paying on time and credit card debt in check!

It's mostly just about the numbers.The most important factor is the debt-to-income ratio which determines how much you can afford. 

Of course these would need to make you more than they cost after expenses and debt service.

@Mark J Gugliuzza it sounds like a good way to buy a property that will not cash flow after expenses and debt service.

I’ve heard of leverage and good debt and bad debt but I would like to hear on what you all have done and what your experience was buying your first rental property.

Logic/assumption being that a cheap tankless water heater will be of worse quality than equivalent priced electric water heater based... and that a 5 yr warranty would eliminate many of the headaches and has been proven to work so far (assuming people haven't complained about hot water all along, rather this is new thing as the heaters are starting to fail).If it was different asset class or he was flipping it...