They ended up having to cancel their project and decided to sell as is because the association required a lot from an insurance standpoint from the contractors, therefore, my client struggled to find a contractor with sufficient insurance coverage for the association to accept.

In my view, homeowner's insurance + umbrella + professional property manager should be good enough to (i) prevent lawsuits and (ii) protect you sufficiently if the worst happens. 

Given that I will be considered self-employed and will initially not have income (or at least not income that is steady or predictable), I will be having my parents co-sign the FHA loan to fulfill the income requirements.I clearly have sufficient capital to not only fund a 3.5% down investment, but to also make the subsequent mortgage payments.

We have sufficient funds in our account at all times to cover our cash flow needs.

Sure - as long as the benefit of the Series is sufficient to cover those costs. 

Zillow and Redfin should be sufficient for pulling sold data as this is public record and you do not need MLS access to view it.

Nobody has a crystal ball, but I highly doubt there will be technology sufficient enough in the next 20-50 years to replace a real estate specialist completely.

Not only is this not correct but I certainly also don't believe that $1200 per year is sufficient.- With ~18K for expenses and ~63K of income, that works out to ~29%; extremely unlikely (to the point that I would buy a lottery ticket first - at least I would know what I am going to loose ;).

Honestly I don't see a huge issue with starting your investing career in a different market if you are able to develop sufficient systems.

After you have sufficient equity, you should be able to take out a HELOC on the property to use for your next down payment.