Investment property loan

[Dexter Knox]

I’m a homeowner in California, just starting to think about an investment property in Orlando, or other market in Florida or Texas. 

My question is with an investment property loan I've heard the banks typically want 30% down, is this rumor true? Is there a way to do this with little down, like with an FHA loan? My current loan is conventional, my house prior was FHA but i sold it.

Another question: I’m considering a rental property that’s in the $200k to $250k range. However I’ve noticed some properties that are $70k only. These are tiny, and likely need work. But would something cheap like this be a wise first investment move, to get my feet wet? Or is it a waste of time and energy for little return? 

Thx