Personally, I use pooled accounts: one for all rents and property expenses*, one for Security Deposits.

I would definitely start off renting most units as LTR and slowly renovate and furnish units to do MTR, having a mix of both. 

Purchase price: $150,000 Cash invested: $60,000 Rented it for $2195.

Rent 4150/ month.

I have my first home rented out, it's currently not in an LLC and I would like to pull equity out to purchase my next rental property.

I provided a free rent back for 2 weeks so the seller could get her funds and relocate.

Are there any house at that price point that would rent for $1200-1500/ month with 20k worth of updating?"

I plan on renting a unit and probably getting a roommate or two in my unit to maximize cash flow early on.

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.