As an investor, you'll need to wait until this period expires before your offer will be considered.Additionally, Freddie Mac may require proof of funds or a pre-approval letter with your offer, and they often prefer cash offers or conventional financing.

But some of it will come down to personal preference. 

I find land lording experience to be more work and stress than I would prefer with small kids, but that it is still a nice defensive portfolio position.

They are both good; personal preference.  

Is there another mountain area with much higher cap rates, even out of state but preferably in the upper western US?

Quote from @Himateja Madala: @John Underwood with 6bed/6 bath I am targeting more multi family travelers who prefer staying together.

Mark Vorkapich of Gladstone Strategieshttps://www.gladstonestrategies.com/I do agree with the above on checking with your current CPA to see if they have a preferred provider - sometimes it is easier and with better results if your team already has a good relationship. 

It seems that having 5 units sends all the lenders into a frenzy as they prefer to loan on 4.

Many landlords also prefer to rent only to Section 8 tenants, so it can be harder for voucher holders to find the right house unless it’s specifically listed as "Section 8 welcome."

I’m a CPA and my have no preference, but only recently signed up to Xero just to have that ability to offer to a client.