I think there is definitely a couple strategies at play here for you and your family. 

I also don't understand why you would want to tie up your cash so long without the benefits of owning the properties.The scenario of you buying a few now and the rest in a couple years seems to be the most appealing for you both, why are you adverse to that?

I have a couple of MFs in AL, some in Birmingham. 

For apartments, I prefer to provide them because many apartment renters make mistakes hooking them up, or they cause damage moving them in/out. 

They are however good at 20-25% down commercial portfolio loans if you need a creative solution so it depends on what your intended use is, your preference is, are you trying to get maximum leverage aka lowest down payment or is rate or cost your main preference? 

LMHA gets a staff of a couple dozen people and a big budget to be bureaucratic, the tenant gets cost effective safe housing, and we get steady rent checks)Does anyone else have these issues???

Will you be able to spot an issue by doing a drive by every couple of weeks.I'm challenging you Brian to get of the fear of "out of state".

Would you prefer they change their policies just to fill your rental quicker and then increase your risk of losses?

The downside of preferred equity.  

Right now she has a Occupational Therapist in the downstairs (1/1) and an elderly couple who had a major flood and insurance is paying for it.In Atlanta, I am betting you will have all sorts of possibilities.