An owner-occupied purchase follows a different minimum, 5 percent up to $500,000 and 10 percent above that, but a straight rental property does not qualify for that lower threshold with most lenders. Confirm which rule applies before you build a budget around it.
Beyond the down payment itself, budget a home inspection, typically $400 to $600, and legal fees, typically $800 to $1,500, since both come due before or at closing regardless of how much you put down.
The right down payment for you also depends on how the cash flow looks at that financing level, not just the minimum a lender will accept. Get your hand-reviewed valuation from Joel Dyck.