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My main concern is the interest rates being so high now as to whether what I'm hoping to achieve is really even possible. 

There are quite a number of things that can make utilizing an FHA loan more difficult such as more barriers during appraisal, appearance of low qualification/little cash, typically longer closing period, likely higher interest rate, and PMI cannot be dropped without a refinance if 3.5% down.That said, just chain 5% down conventional loans, and make sure your duplexes pay for themselves.  

Personally I would want to manage the rental myself at least in the beginning to make sure you get good ratings.

Then consider your ADR/nightly rate.

This would allow you to maximize tax deductions at ordinary tax rates.

Finally, what’s the rate of return for alternative investments? 

However, value add with a sale is not as implacted by rates.  

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

I'll message you directly a discount link to try it out.