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

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

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

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

I have customers that regardless of advice still want to buy in high end neighborhoods and buy luxury homes and hope for appreciation over cash flow.

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

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.

Partnering for larger deals can help buy larger properties.

We just purchased a property through a whole seller, not closed yet, but seller has given us permission to start on rehab, but is wanting to occupy the property for 2 months.