In your case this could mean with a 350K purchase price and a 75% LTV loan of 262,500 your prepayment penalty on a 3 year step-down option would look like this 3,2,1, meaning that in 1st year it is 3% of 262,500, 2% in year 2 and 1% in year 1.

:@Adam Craig wouldn’t you guys put a as-is condition on your purchase contract?

I actually have money left over from our latest cash out refi to purchase another rental property.

So that you "make your money on the purchase". 

I recently purchased a short term rental unit in the Palm Coast area and am wondering if anyone has a good lease template they send their tenants?

Purchase price: $317,000 Cash invested: $30,000 Short term primary -> long term hold with a 3.25% interest rate.

Will you be renting this property our after you purchase it?

Probably best to steer clear.A syndication would likely trigger UDFI (unrelated debt-financed income) at some point in the hold period, unless they are purchasing the asset without a loan (highly unlikely).

   I've now owned my first rental property for about four months and am now looking to purchase my second property. 

Treat the customer with respect, provide safe and desirable products,   purchased at the right price and condition, provide quality management  and anyone can be successful no matter what the product or market.