Would love to take a look at your situation and find the most advantageous way for you to starting acquiring properties.

It's a change but as you mentioned you don't want to down grade the property to a single family, but maintain the 2-family designation.

Purchase price: $214,000 Cash invested: $21,400 I purchased this property for my son to live in while he is in college.

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.

There are more factors to consider here but from a surface level, it seems your $ will go further in another market or perhaps locally with a different property type (i.e. small multifamily).Lastly, I like @Andrew Jennings Freerks' point regarding claiming hardship or another workaround for keeping your unit as a rental.

When researching rental properties for potential investment. 

I think we may focus on somewhere in the midwest and plan to make trips out when purchasing and to meet people and network first. 

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).

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