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).

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.

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

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

I’d like to make the jump on my first rental property but have no idea how to get in the game.

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

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

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

After the inspection date I believe you are obligated to purchase the property. ( Or could lose your EM ).Im sure the 21 days is totally sufficient if the property is a WINNER.