My family had an enjoyable stay at the Fridley Creek ranch house. Views from the front porch are spectacular and the property abounds with wildlife. Deer and sandhill cranes foraged in the yard daily and, to my amazement, the great horned owl in the photos was in his spot in the old barn "window." Loved hearing him and his mate hoot back and forth at dusk.
House is spacious and furnishings comfortable, including a king-size bed in master bedroom. Kitchen is adequately stocked for basic meal preparation. Main downside of house is occasional noise from water/well pump and squeaky stairs, but limiting nighttime water use and trips up/down stairs solves this. My kids and I enjoyed playing ping pong on the table downstairs where there is plenty of room -- no knuckle scrapes on walls!
The welcome/information book in the house was one of the best and most useful that I've encountered in my VRBO stays.
One might be tempted to stay closer to Yellowstone (if visiting the park is the focus of your visit), but I'd say that the easy 25-30 minute drive through Paradise Valley to the north entrance of Yellowstone is every bit as beautiful as the park itself; I made the drive there-and-back four times and never once wished I was closer to the park. The slow drive through Tom Miner Basin (went to a grizzly bear lookout mentioned in the welcome book), is gorgeous, as well.
My only regret is that our trip was timed such that extensive snow melt and run off made river fishing pretty much impossible. If I'm able to get together several friends for a future southwestern Montana fishing trip, I'll be looking to stay at the Fridley Creek house for sure.