Four 100k rentals or one 400k rental? (Newbie investor)

[Renuka Lokare]

Hi all, I am new to real estate investing. As a first investment which one of the options below would you go for:

1. Buy four 100k units over next 3 years

Pros: needs lower down payment, diverse, lower risk

2. Wait for 1.5-2 more years to build up down payment for a single 400k rental with multiple units

Pros: less closing costs, potentially higher cash flow

[Preferably I don't want to house hack / go all down to build up 80-100k down payment]

Also as a first time investor would you consider in state or out of state options?