It seems like maybe $100 a month of the rent is standard to be applied to the principal, and just based on rough calculations it looks like with financing the first few years like 160 would be going to principal for us. 

Does the cap rate take into account the gain from the principal portion of your mortgage payment?

STRATEGY TWOSell the condo I currently have, then do the same thing as above up until the 3-4 properties (or a multifamily) are bought, but use the cash flow to pay down the principals on the original properties, refinancing when it makes sense until the homes are owned outright and then use the income to buy more properties, rinse and repeat.

I would need to put down $60k in principal and closing costs for the first year.

I use a financial calculator to calculate Principal & interest, taxes & insurace you will have to guestimate.

A Linear Amortization schedule is where the principal is fixed and the Interest varies on top of the fixed principal amount due each period.  

This article does not apply to an individual, partnership, association, or corporation, who as owner or lessor or as attorney-in-fact acting under a duly executed and recorded power of attorney from the owner or lessor, or who has been appointed by a court, performs an act as a real estate broker or real estate salesperson with reference to property owned by it, unless performed as a principal vocation not through a licensed real estate broker.So from what you posted, as a member of the LLC and part owner of the LLC, and if the LLC owns the property, the answer would be 'no' you don't have to be licensed to manage the LLCs rental property.

———————-OPTION 2 (Owner Finance) with a 5-year Balloon Payment:Purchase Price: $165,000 Down Payment: $37,000Terms for the remaining Balance: Seller to carry back balance @6% APR with Monthly Interest and Principal Payments of $767.42 with a total amount of $205,155.02 being made in 5 years by Seller.Amortized Over 30 years with a 5-year BalloonBuyer Pays all closing costsOPTION 3 (Owner Finance) with a 8-year Balloon Payment:Purchase Price: $170,000Down Payment: $45,000Terms for the remaining Balance: Seller to carry back balance @ 8% APR with Monthly Interest and Principal Payments $917.21 with a total amount of $246,700.62 being made in 8 years by Seller.Amortized Over 30 years with a 8-year BalloonBuyer Pays all closing costs To close in 30 days or less

I personally like to see the principals on the website I think that lends a ton of credibility to a company.Next thing is being CA based and it appears if they are lending money they are doing it on 1 to 4 unit props and in CA that Requires a license  either a CA Broker license  a Consumer finance license or NMLS registration and State of CA MLO license and those license numbers MUST be prominently displayed on their website or any other marketing..

You would first need to decide why you are buying, is this an investment, or a principal residence?