Prepayment penalties- usually 1-5 year terms.

I assume you know at this point but in general, the goal is the screen for a very good tenant and keep them there as long as possible.

Quote from @Nithin Kumar: New to Phoenix and hearing a lot of places for rental investments but trying to figure out from the pro's around to find what are the areas that can break-even on a monthly basis and the areas that can show appreciation in the nearer term. planning to put down payment of 30% (~100k) Hi Nithin, I live in North Phoenix myself and would recommend anything around the Paradise Valley Mall area.

A lot of wholesalers are in the business of short term transactional deals where they can make $10k here and then never speak to the buyer again.

My ultimate goal would be to buy fixer-uppers to turn into long-term rentals.

Dimensions- 8 wide by 20 long. 

Buy and hold used as short term rental property.

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

Although whichever option you go with make sure you're also thinking about the long-term property value and what makes the most sense vs trying different angles now that negatively impact future resale/property values down the line. 

LoL So really trying to learn what I can, gain some capital, and see what my options could be for the year.I'd like turnkey and long term renters in place, as that seems like a good way to get started as a rookie.