Whether to wait for larger down payment or not for apartment.

[Keith A.]

I am familiar with SFH/4-plex purchases and doing multiple conventional loans via cash out refinances. I am looking to move to the next level and purchase a small apartment. i.e. 12+ units depending on cost per unit and return. I have liquid funds and also other funds tied up in paid off properties. The question is whether to buy something smaller with the current liquid funds as a down payment or pull out more to focus on something larger with more down.

For simplicity let's say current cash for down payment is 250K but with some time could be double at 500K.  Assume also that this is pure down payment and 6 month reserves are already taken care of.

It may be personal preference but thought I would throw it out there to see if there were pros/cons from people with commercial multi experience.