I would have to second Tim's recommendation for Alex Goldovsky's book.

My question is, should I take out another loan for the second property and will that really hurt my credit?

Regarding your second question.

Ok, I guess that was 5 questions but here's my second question.2) What percentage of your personal portfolio are you considering investing in this property?

I have an offer to purchase a home worth 80,000 right now but the homeowner has a second mortgage on the home and still owes 60,000.

the best way to do this is to have lawyer write it up. the second best way is to purchase on online (BP sells state specific leases, prepared by attorneys) and you can always make some modifications to it...but the most important part is to run the purchased lease by a local real estate attorney to make sure it and any additions comply with state law

So I'm sitting on two triplexes, the first bought wit my VA loan, the second bought through FHA.  

This puts nobody in a second mortgage position.If nobody wants to seller finance or invest in your deal, ask yourself these hard questions:1.

I know putting them in second position is pretty much worthless if we default (not that we would of course).

Though I've loved my time in Kuwait and have been able to save save save...I am currently finishing up my second school year and will be repatriating to Houston on July 1st...woot woot!