exit strategies are different on all properties and sponsors so there is not a blanket answer to that question and it is typically market driven. 

Is their journey the strategy I am wanting to implement?

If you want to do partnerships please make sure you have a formal partnership agreement with one of two real exit strategies written into it that have been well thought out for what happens if one partner needs to sell his interest, if both partners want to sell, how you’re going to get it valued, just think about it.

MTR's are a GREAT rental strategy.

I've helped dozens of BP members purchase here, you can look up this topic as it is well talked about here.

We had multiple exit strategies in play such as 1.

@Dave Meyer has a great book about strategy you can get here on BP.  

As you know with both strategies there are different types of properties you'd want to operate with depending on your investment style. 

Any strategies I can utilize in order to expend my operation? 

If you are not afraid of the Lawyer/Accountant factor .... your Dad could partner with you on a deal with a lot of first year deapprectioation to offset some of the taxes from the 401k w/drawal.It's time to get a really good accountant that loves strategy.