Certain scenarios allow an individual to become a first time home buyer all over again, and who wouldn't want to be? Between the payment assistance programs, low credit score requirements and forgiving debt to income ratio allowances, being a first time home buyer definitely comes with its fair share of perks.

Depending on what real estate guru(s) you're taking investment advice from, you've probably heard pros and cons to the question "is buying a second home a good investment?" When you get down to the facts of the case, the truth is: it depends.