down payment required for short term rental investment

[Sean Wilt]

Hey y'all.... looking to purchase a condo property for short term rental in a resort town.  I'm thinking the purchase price would be around $400k and will finance via a 30 year mortgage.  Since this would't be a jumbo loan, what type of down payment would I need?  I'm hoping we could get away with 10%?  Is this unrealistic?

Also, what type of interest rate should I expect.  We good credit and so that shouldn't be a problem.  Question is for a "second home" or "investment", what should I expect approximately?  I'm thinking 6-7% and that is what I am plugging into my analysis spreadsheets.  Am I off here?

Thanks! 

Sean