The payback period can be anywhere between 3-7 years depending.

The down payment might be a little higher, but it will be a much longer-term loan that you won't have to worry about coming up with big payment in month 24 and it'll be amortized over a much longer time period (probably 25-30 years), so the monthly payment could actually be lower. 

I'm looking to purchase my first property with my fiancé (both 25) with the goal being to establish our primary residence together, as well as giving me the opportunity to add equity/value via rehab before moving on a...

So in short : ARV -- 125 -- 145Rents -- 1300 to 1500Holding period -- typically 2 months but on new projects if we start together will be 4 months.Exit strategy -- Refinance by HML.ThanksAmit

I saved up the cash over a 2yr period.

I weigh more on making 3x rent and having great rental history of on time payments with no evictions, no lease violations or violent criminal history.

There is no additional "risk" on the note like a demand clause etc, but you have  extra expense in upfront one time costs and the pre-payment penalty that most programs are sold with if rates do drop as expected in the future.  

Not worth time & effort to go to court, your first meeting with an attorney will cost you as much as the rent.

If there's enough duplexes that it's likely you find one you like in a reasonable amount of time (less than a year), then start looking at them in your preferred area.

During this renovation period would you, as the lender, want an Actual Cash Value or Full Repair Cost policy in place?