Past that I would consider a DSCR loan that would just care about the property and its rent and not so much that you are self employed.

You need a property manager to manage one single-family home?

I have a property in CA that I want to put into an LLC.A lawyer advised me to register my LLC in Nevada and then complete the foreign entity process for the LLC to also be registered in California, where the property is. 

Should be fully upfront and aim for a property that could work just as easily as a standard single family rental too

With 100 properties at those margins, the public markets would assign a 10x multiple on revenue, equaling a $258m valuation (100 properties * $21,500/month * 12 months * 10x).

We would like to take out 90k of equity and the property if worth about 250k.

I’d like to make the jump on my first rental property but have no idea how to get in the game.

Don't get emotionally attached to a property you tour.

What strategies have worked for you when transitioning into mid to long-term rental properties?

You need to have a good property management in place too.