Buying a second residential property is very doable, but there are clear rules people often miss. Lenders treat a second home differently than a primary residence, typically requiring stronger credit, additional reserves, and a higher down payment. The property must be for personal use, not rented full time, usually be a reasonable distance from your primary home, and occupied by you for part of the year. If the intent is to generate rental income, it generally falls under investment property guidelines instead, which changes rates, down payment requirements, and underwriting. Zoning rules, short-term rental laws, HOA restrictions, and state-specific regulations also play a bigger role than many buyers expect, so aligning the intended use, financing structure, and local laws from the start is key to avoiding issues later.