1. What are the tax implications of having a 2nd home?
As a general rule, your costs of second home ownership will be higher than any tax deductions you may realize.
For example, hazard insurance, utilities, repairs and maintenance, PMI, HOA dues and special assessments are all personal expenses and not deductible on Schedule A.
Mortgage interest and property taxes on your second home are allowed deductions on Schedule A, but only if you itemize.
When you sell the property, your profit is taxed as a capital gain. You can use an installment sale to spread out your capital gains tax hit, but you can not use a 1031 exchange to defer capital gains.
2. Are those implications realized b/c of capital gains?
See response to question 1.
3. How can I protect the asset - tax avoidance - while having enjoyment?
Don’t sell, no capital gains taxes to pay.
4. Can I buy the property in my roth?
Generally speaking, no. An IRA can not be used to acquire personal use property.