Is putting 3% down a bad thing for rental properties?

[Surya Kumar]

I am looking to buy my first rental property and just started looking at mortgage rates from banks and credit unions. I saw Bank of America offering mortgages with only 3% down and without PMI. Is it a good thing to put only 3% down? Which means I can buy 2 properties with my budget. Has anyone used the Bank of America mortgage with 3% down? Is there any caveats in that? Please enlighten me( I do not qualify for FHA)