Buy multiple with 5% or 2-3 with 20% down?

[Shawn Getty]

I have $300k to invest in real estate. Decent rentals are around $500k in my area. Would it be better to buy 5-6 rentals with 5% (this is possible for me) or better to buy 2-3 with 20% down. 

Our market is likely to pick up in the near future so we are expecting prices to rise. I know the general rule is put as little down as possible that gets cash flow. I’m thinking if the market picks up though, I won’t be able to refi the 5% down properties till they are over 20% but if I start with 20% I could likely refi those and pick up 1-2 more and not pay CHMC (mortgage insurance, I’m in Canada)

has anyone come across this before? I’ve ran the math on both options and I think I know which route makes more sense. The plan is to add as many doors as possible over the next few decades. seeing if I’m missing something and someone has gone through this already :) 

thanks everyone!