Question 1: Do I only have to use the proceeds to purchase on the second property or the total equity including purchase price of original property?

I'm wanting to get some work done at one of my properties to install an exterior staircase/patio along with a door on the second level as well as some eaves/siding/roofing work.

Appreciate the info.You are the second person who suggested them.

I sold 11 houses my first year and 30 my second.

I'm only on my second set of tenants.My question/situation is:I rent my old house.

There has been an empty lot, next to my father in law’s house that has been in distressed for years.

I was told if it was a second home we’d get 4.75%, but we do intend to rent it. 

The issue is fluctuating income, you could have 30k first quarter and 5k second quarter, in short, lenders will not know if you can pay 3 months of mortgage on that second quarter, whereas if it is a W2, they will know that you will have the paycheck regularly and more assured you have something to pay their debt with.

My father used to take us up there just about every other weekend over the summer when I was 10-12 years old.  

@Kevin Randall I would second @Anthony Gayden no way they getting every last deal.