Assuming you don't want to create additional management work for yourself, it's possible that higher value properties may give you the advantage of the higher capital outlay without additional work.

After we live in it for at least a year, we will move out of the 4th unit and buy another multi-family and do the same thing.

Also if it is 1 buildable lot, the additional acreage may not add a ton of value.

Now, we are 1 month strong and counting in renting out the top 2 bedrooms on airbnb, with us living in the bottom half (completely separate) - here's how it's going so far:Guests Stayed: 15Reviews: 5 stars, 8 reviews, super hostOccupancy: We had 3 nights of where 1 bedroom wasn't rented.

Its not frequent, but it does expose you to additional problems. 

Wanted to know your thoughts on the area and then also any connections to certified Real Estate agents in the area as it will most likely be a STR after a year of living in it.

We do live in a rural area and some contractors we spoke with said it was too far of a drive to do the project.

I live in Truckee and sell real estate in both CA & NV.

If not, then the 75% rule can apply but only to offset a maximum the housing expense for the subject property with no additional overage to help your debt to income ratio. 

This should be in addition to the two you're also allowed to have.