I am trying to add additional master nodes to my K8 master which is a physical server. Can I add 2 virtual servers in a separate subnet as additional masters for the cluster. The secondary masters will be hosting K8, docker, and etcd. Is the a risk in trying to do this beside latency?
There are no risks other than usual risks of misconfiguration or potential security holes you could leave - but nothing in particular related with the scenario itself.
Anyway answering your question, you will just do it as with traditional multi master way, just make sure you have met this requirements:
Then just follow standard guides on how to deploy HA Kubernetes cluster.
I will not describe the whole process as you did not ask about it and also you can find many detailed guides on how set it up. Including the one from Kubernetes official documentation. If you will have problems feel free to ask more questions, but remember to provide the steps which led to that potential problem.