Unseen disadvantages of 0 money down mortgages?

[Alexander Persky]

I am looking to buy my second property, but this one is initially just to serve as a primary residence with my family. I will rent out my current property that I know can yield positive cashflow (I have done it before, and rents have only increased since then). As I do not even really NEED to purchase another property at the moment, I have two options: either wait a while and save up towards a down payment, or just get a 0 money down loan.

Of course with the latter I would be giving up any equity going in, and likely have higher closing costs, but the big advantage that I see is that I don't have to wait to get a property (if I am in a position to act now, why not?), and as long as I am smart with the purchase, I can turn it into an investment property down the road. In this instance, I am ok with not having any equity going in.

My question is this: Has anyone used a 0 money down mortgage but later regretted doing so? If so, what were the unseen "gotchas" that ended up being the killers for you? Was there anything that prevented you from pursuing other properties later on? If you could do it again, would you avoid them altogether or simply shop around for different terms?

All perspectives welcome. Thanks!