: If you rent it for more than 14 days, you must report the income but can deduct related expenses like maintenance, insurance, and depreciation. 5. Finalize the Purchase
: To qualify as a "second home" (rather than an investment property), the house must usually be a certain distance—often 50 miles —from your primary home and available for your exclusive use for part of the year. 3. Choose a Financing Strategy
: While primary homes might allow higher DTI, lenders often look for a ratio of 36% or less for a second home.