For log homes, cabins, barns, etc. I recommend two coats of a LOW solid content stain, and two coats of VERY HIGH content finish.
Very high content finish is easily recognized in that it has the consistency of a gel or grease, and is normally applied by brush or with special pressurized paint guns, because it won't flow out of a normal paint gun.
The stain is supposed to penetrate into the wood, reason why I don't recommend high solids, while the finish is supposed to seal it and therefore must sit on top and create a thick protective film.
High solid stains that are supposed to both stain and seal with one coat or two won't penetrate and won't seal, and are just good for hobbists.
A borate treatment before staining is strongly adviced in order to prevent rot and molds and insects.
Borate treated wood that is exposed to the elements will ALWAYS have to be sealed with a good quality finish, in order to prevent the borates from being washed away with the rain and moisture.
I always spray my cants with borates when they are stored too keep them free of insects and molds and to minimize craking and twisting.
I have tried both oil based and water based products and am much happier with GOOD QUALITY water based compared to GOOD QUALITY oil based - such as Sikkens.
A good water based stain usually contains penetrating agents (glycols) that increase penetration and diffusion of the stain into the wood fibers.
Some borate treatments also contain glycols (Boracare and Timbor), and that will also help penetration of water based stains in case they don't contain glycols - and this is yet another good reason to treat with glycol based borates before staining.
Glycols also act as a wood stabilizing agents, in that they replace water and do not evaporate therefore reducing shrinking, twisting etc.
Acrilics (water based) are more flexible than resins (oil based) and therefore will adjust to settling better, without craking or peeling, Acrilics are easier to maintain as a good wash with water and mild soap is all that is required before a new coat of finish is applied when the old finish finally starts to wear out, whereas most resins will instead require at least some light sanding.
So my advice is Boracare + 2 coats water based low solid stain + 2 coats water based high solid finish.
I guarantee such treatment for 5 years and it may even last as much as 7-8 before a new coat of finish is required.
As to Boracare, Timbor and Glycols here's a link to an interesting read...
Chemotherapy for Rot