Down payment for 1st loan to buy rental property

[Kevin M.]

Wife and I are considering buying a rental property, something in the $250k range. I am a Residential construction Superintendent and she is a bookkeeper. We could easily be approved for a loan, though she wants to save $50k first. This is our first step along with researching foreclosure properties. Next step is to analyze the numbers on the properties we are researching.  

Are we on the right track..? Any suggestions on what else to be considereding?