Would you put down 5 % or 20% percent in my situation.

[Patrick Thomas Dickinson]

My situation I have 260,000 Cash

I am now in contract on a house for which I will have about 70,000 Invested into the deal leave me with 190,000 left over 

I would like to have 50000k in reserves, Which puts me at 140,000 left over for further real estate deals. 

Me and my girlfriend are planning on buying a house around the 600,000 purchase price here in California and debating whether I should put 5% down and live in the property or put 20%  a property and rent it out. My senses tell me to put down 5% which would only be about 30,000k into this deal  still leaving me with 110,000 ish for further deals. Any thoughts on this  Thanks