I have a 1 1/2 inch steel drain that I want to transition to PVC. Do I just use a 1 1/2 inch female PVC threaded fitting with some teflon tape or joint compound? Any one know the correct way for this? Thanks

A 1 1/2 inch female PVC threaded coupling is exactly what you'll use. Don't forget to prime the PVC fittings and Teflon Tape the threads. Don't overtighten it. Good luck, Tom