What funds for first rental property.

[Brandon Tilson]

I'm 35 years old. I have 0 debt. My house is paid off and is worth around 150k. I'm looking to buy my first rental property. My income is around 80k per year with my 2 jobs. My wife makes 45k. We have enough in savings to buy 100k rental but would deplete savings. Spoke to lender today and was informed I can take 110k load on my house and use that to invest or can wait to continue building saving and pay out of pocket. Lender informed me all rentals have to have 15% down and at that point would do 20% to avoid PMI. What do you think is the best option. Thanks for any advice.