I have some limited access to cash, but in the "analysis paralysis" phase and hoping to get over the hump soon. 

Ok, I know my limitations and as a first venture into RE investing, this isn't anything that I could do; however, I know of at least 3-4 investors that could potentially be interested in this; however, there is a tremendous amount of due diligence I would need to do, before I brought it to them to view.Unfortunately, I saw this property about 6-8 weeks ago, and I looked it up, and saw that it was owned by what looked like an investment holding company of some sort.

Publication 463 clearly states that the 50% limit would apply in the first three cases."

Limit surprises/risk and subjectivity.  

Also keep in mind that rents are rising pretty quickly in the right neighborhoods so that 5% cap will be higher in the future.I've only got limited experience and got very lucky with my first MF purchase thus far (800K for a 4 unit in a very hot neighborhood with a current rentroll of ~$7K that is still about 10% below market) but I think the same advice applies here that would to most places - keep digging and get creative.

I'm having difficulty finding companies that provide such a product and getting limited offers from my broker.

Remember that after filing, whether a summary probate or a formal probate with full IAEA authority or limited powers, your seller will be solicited by others (maybe even me!).

So, with limited cash and a desire to use an FHA loan, you should be looking for smal multis - duplex, tri, or quad.

Figure out where your farm area would be, based upon median home prices, since I'm assuming you would have limits on your entry point, as this is just a "hobby".  

However, if you're looking to be active and make a move with your properties, the sky is the limit.