Prepayment penalties- usually 1-5 year terms.

My goal is to build a portfolio to hold and maintain for the long-term.

The answer probably depends on your long-term goal and how long the long-term means for you.You are correct that if you put 30% down on three properties, you will then have to wait until you accumulate enough cash via appreciation, cash flow, and savings in order to buy the next property. if you execute a brrrr, you would be able to keep going. 

Prepayment penalties- usually 1-5 year terms.

This is typically how I approach my investing since I'm more in it for the long haul than short term rewards.

However, verbal agreements can be legally binding in court if there is enough evidence to prove the agreement's existence and terms. 

Appreciation will happen over the medium to long term and will boost returns but cashflow is the lynchpin of a good investment.

Or feel free to use the direct link to find a short term rental property manager.  

I'll be honest, my searches have been a little disappointing to find anything that will break even in terms of cash flow.I came across a couple condo-hotel locations and looked into them.

Principal to be returned in full at the end of the three-year term.