Budgeting for first investment buy - down payment vs the rest

[Eric Parker]

Starting to save money for our first real estate investment -- at this point we are still doing market research on exactly where we want it to be but in terms of a strategy I think we are going to do a short term rental (airbnb).  

Hypothetically if we are able to save $50k in capital -- how much of that should we be planning to use as down payment for the loan and how much should we be budgeting towards everything else (closing costs, lawyer, furniture, improvements to unit)?  Also, how much do people like to have as reserve after all that so they have money in case other things pop up?  

When I first started saving all I was thinking of was using the money towards the down payment but as I've done more research I realize there are so many other factors to consider and I'm just not sure if there's a good ratio people use for this so that I can figure out what type of properties to even start looking at....with 50k saved, what would the suggestion be?

Sorry to ramble - first timer :)