My long term goal would be eventually to transition into larger commercial multifamily units.

My goal is to transition into multifamily investing from SFR. 

I've been provided by the seller what appears to be solid leases.What're some best practices in this type of transition? 

I’ve been interested in long term rental property investing for a while now and have worked out a plan of action that I wanted to get some feedback on.My wife and I would like to buy and rehab a property that has an “extra” guest/mother in law house on the property we could live in for the first year in order to take advantage of the easier funding on a 203(k) loan while renting out the on-site guest house as an STR before potentially transitioning to a longer term rental when we are ready to move out.

It seems like a huge number of BiggerPockets users are looking to quit their jobs and transition into full-time investing.

. - assuming you're close to/in Boston proper and on transit, no shortage of roommates versus families here, and you wouldn't be limiting your prospective tenants too much.

Greetings, My wife and I are coming up on a time of transition in our lives, from full time employment to investing in notes, funds, etc. 

I could HI Kevin,This transition that you're asking about above is extremely important to transition smoothly and plan for because it will ensure your subsequent VA use for additonal purchases.Once the current property is refinanced with a non VA loan this will free up your entitlement for additional use.The max conv limit in Ventura county Ca is 672,750 and the max loan limits for a high balance loan can go up to 95%.So what this means is theoretically you could refinance up to 672,750 loan amount with an appraisal as low as 708,158 dollars or higher before your loan is subject to jumbo/non conventional guidelines (much tougher to qualify for and has lower LTV's).The VA loan has some key features that other loans dont have:- a trade off of no monthly PMI but the upfront PMI is huge, equivalent to 2.15 - 3.30 Points (borderline hard money points).

I know as I transition to larger apartments I will start to break this down more than I am now.

I am slowly transitioning out of my W2 job, but I don't plan on quitting until I can replace my income with rental income and have significant cash reserves set aside.