Can you buy a second home or investment property?

Yes, in many cases. Lending rules for second homes and investment properties differ from a primary residence, including down payment, rate, and reserves, so talk to a lender early. VA loans generally require you to live in the home, so ask your lender how your program treats a second property. Investment property also has tax and cash-flow questions that your tax professional should review, and I don't give investment or tax advice. For experienced investors, I point them toward properties that make sense geographically and economically, and I help them run the numbers on return over time, though no return is guaranteed.