I think I am open on exact location as long as the deal makes sense, but I also was to understand all my limitations/STR friendliness of different areas.  

@Unal Baris KancogluTo manage a multi-family property, communicate rent adjustments early, implement gradual increases, set limits, reassess lease terms, highlight improvements, and offer incentives.

Note that if the home is located within city limits, there is a high chance that you will be connected to city sewer lines.

I do intend on holding them for a long time, but again this limits my flexibility in the short-to-medium term.Does anyone have any thoughts/suggestions for me?

Most locations have a limit for small claims court.

Without studying.  

It just seemed limited supply and expensive for whats left over.

With limited rent growth:$5,000/$300 ≈ 17 properties.What if you buy in a city with 8%/yr rent growth?

Exculpation/Limitation on Damages Clause.

Low property taxes, landlord friendly, weather is reasonable, close to Lake Tahoe and lots of enjoyable areas in CA, strong appreciation, strong rents, population growth, diversified job growth, limited land allows for significant appreciation outlook over time.