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

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.

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

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

After the cash out refinance it can be transitioned into a rental property.  

For most multifamily, I'm seeing on 30 year amortization to boot.Reminder for the lurkers that this has nothing to do with single family homes, 1-4 unit residential all gets residential mortgage financing, which isn't presently as good as commercial.Odd world where the 8-unit property has a payment that is less than twice as much as the fourplex, even though it pulls in twice the rents, and has less than twice the maintenance expense (the price of the fourplex is likely to be more than half the price of the 8-unit, and more than 1/5th the price of OP's 20-unit, holding constant location etc, but that's another rant for another day).

We have a handful of properties in the cape coral area that we're trying to find cheaper insurance coverage for.

-The properties are all in Arizona, and I am the capital partner while he is the operations partner.