There is no pre-pay penalty; however, a monthly payment would be due.  

Not sure if you know or not, but the 203k has an option where you can wrap up to the first 6 months payments into the principal of the loan.

One of these "friends" never left the condo and lived there for 5 months payment free while the neighbor was paying all dues on time to avoid lawsuit against him from the association and management.

Or, should i take $40k to $80k out for a down payment on a rental property?

I was curious because I won't be able to have down payments and planned on using what I can affect, the purchase price, to spend most of my time into finding houses using wholesaling strategies to try to get the total loan amount at or below 70% of the ARV so that I could maybe avoid the down payment.

Add the principle for the next payment and you save that payment.

My goal is to use the least amount of down payment as needed.

My family and I are planning to upgrade our living situation in a few years but we live in a HCOL (New York City) area so it’ll probably take that time to save up the down payment.

I'd like to get one for giving a tenant 10 day notice of lease violation (like non-payment of rent or moving in an unauthorized tenant, etc) where the tenant can stay if they correct the problem within 10 days.  

Co-hosting or having a PM company is hard enough, without the added pressure of making multiple rent payments.