Need your help! Buying my first house and need advices on financing.

[James Yang]

Hi guys!

This would be my first post at BP. I am in the process of purchasing my first house (woo hoo!) and need your help figuring out what to do with my loans. 

Purchase price of $1.1mil, and I am planning to put in some work into it ($200 to 300k) since the house hasn't been renovated for over 30 years. 

My question to you guys is:

1. Should I put down 20% as a general rule? or should I put down as low as possible?

2. Let's say the appraisal comes in at a good value after repairs/renovations, should I refinance? or just leave it as it is. I don't think I immediately need cash, and even I do cash out refinance and get some cash back, I dont' know if it makes sense to get a larger loan amount and higher monthly payments. 

3. does amount of down payment matter if I end up doing/not doing cash out refinance?

I would sincerely appreciate your help!

thank you very much guys