Expect to put down at least 10% to 20% for a second home, and often 20% to 25% if it's strictly an investment property.

Aim for monthly rent that is at least 1% to 2% of the property's purchase price to ensure positive cash flow.

While some lenders accept scores of 620, many require at least 640 to 680 for a second home, with higher scores (720+) yielding much better interest rates.