Also, saying that you need to get the concrete done anyway and don't have that kind of cash on hand leads me to believe you might want to think about getting some stronger cash reserves or your own lines of financing before proceeding; I've got credit cards with credit limits double that, where I could self-finance those kinds of repairs if necessary, but that's not a big enough hit that I'd have to worry about taking out loans on paid-for houses. 

however don't limit yourself...   

So I try to limit any cleaning demands from guests. 

I have very limited real estate experience but I do have some friends/ family that invest in real estate.

The sky's the limit if you apply yourself.

My concern would be if you are new to flipping that you may under estimate expenses and that thin margin could turn into a loss. 

JD Martin you are right, my guess is they are only out a couple of thousand dollars between EMD and other fees, but for newbies who are just dipping in, the loss is a burn.

Question 2: what are the limitations if any, regarding the price of the second home purchase?

Landlords are allowed to set their own occupancy limits.

I deal with more protection for my business since I'm a contractor but this seems a bit overkill.Carrier: ScottsdaleSix-Month Premium: $1179.5625% minimum earned premiumCoverages & Limits:Commercial Property: $125,000 Building Limit – Special Form excluding theft; $2,500 deductible; Replacement Cost Coverage; 80% CoinsuranceCommercial General Liability:$1,000,000 each occurrence; $2,000,000 aggregate limitProducts-Completed Operations Excluded; Designated Premises/Project Limitation included.Conditions: All subs must carry equal or greater limits of liability naming insured as Additional Insured, hold harmless contract in favor of insured, with Certificates of Insurance.Thank you in advance for your consideration.