When asked this question there were many responses.Here are just a few.

You can certainly buy a second home, or a third, etc. but they become investment property as the law allows only one homestead. Depending on your location and their laws, you can live in the house a certain amt. of time, then apply for or claim residency in that state. At that time, look into which house you wish to homestead. You may be able to change your homestead depending on the State's laws. However, homestead the home with the highest taxes and it will save you a lot of money. Any improvements you do to your income property are tax deductible, so you may want to fix it up before you homestead it. You may want to check on the laws concerning that option as well. It may be required for it to be a proper rental for a certain amt. of time. I have 3 homes, but in the same state. I save a fortune in taxes with income property deductions. Home Buyer, Beaumont, TX

Absolutely, yes. Just be aware that you may not be able to take tax deductions for the mortgage, etc., on a second (or third! or however many you want) as you do for your principal residence--talk to a tax person about your specific circumstances.Home Buyer, Albuquerque, NM

I think you need to decide the "why" behind you buying another house. Building wealth by buying real estate is attainable for most everyone. That could be your "why", but if you use one of the homes as a rental you must understand the benefits/risks of being a landlord. Being a landlord is not for everyone. It is not about just collecting a check each month. It does require time and knowledge on the house systems and maintenance. I love real estate for building wealth by acquiring homes at a reduced price that need some rehab before renting. Do your homework, though. Not every house on the market will give you a profit. Using cash to buy your next home is a great way to get a better deal. Sellers love cash and quick closing. You can also get cash out of the equity you have in the home you currently own. Talk to a lender to find out more options. Lastly, educate yourself. Home Buyer, East Wenatchee, WA

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Information obtained from Trulia