You can get under 5%, 30-year fixed for a rental property, if you have at least 80% LTV. But there are many considerations. If you are buying a rental that is currently vacant, you may have a tough time (perhaps impossible) claiming the income on the property for qualificaiton purposes.
It will depend on your current debt load (do you own a primary residence and have a mortgage on it ?) and other factors.
Based on personal experience owning rentals for the past decade in San Diego, if you do not have enough for 20% down, plus have reserves equivalent to 6 months of mortgage payments (not for vacancies, but for repairs, maintenance, vacancies combined), you should not buy and hold a rental property. Just my opinion.
Hopefully HLS is out there and can offer a more informed response.
