My first and only strop is a 2" SRD Latigo strop. Besides the 10 or so nicks in it, it has worked very well. All I have been doing is before stropping on the leather, I rub my palm on the leather for about 20 seconds. I heard this is good enough to break in and condition your strop.
Should I do anything else?
I do have a bottle of neatsfoot oil but I don't want to ruin my strop.