They usually have a step down on that penalty like 3% year one, 2% year two, 1% year three and so on and so forth.So if you are buying a deal with the intention of rapidly increasing it's value in less than 24 months in order to refinance it and pull your cash out, you might want to go with a credit union for the acquisition financing because FCUs are barred from charging pre payment penalties.I could talk about this for hours about all the nuances but my fingers don't type that fast lol

Unless it's rapidly appreciating it doesn't sound like a suitable rental anyway if you have to come out of pocket that much. 

Our city is rapidly expanding, offering numerous job opportunities and a wealth of investment possibilities.

https://azbigmedia.com/real-estate/multifamily/phoenix-ramps-up-apartment-construction-by-18/There is rapid expansion to match the flood of new people with LA more or less being land locked.

Austin metro keeps expanding. Jarrell is planning on a population surge of 50,000 new folks. Jarrell is on the north side of Georgetown and within the very fast growing Williamson County. That shows the growth pattern...

And personally I put way more weight on buying the right location as a buy and hold investor than saving some dollars on the front end. 

It makes rapidly growing affordable housing possible by making it profitable.

Check out Grand Rapids Michigan. 

Not so much ;)So now investors are feeling the weight of dog properties…be it higher interest rates, non paying tenants, property values falling, government intervention (especially in CA), etc.

There are some markets here growing at rapid rates.