I'd rather stroke checks and receive passive returns, and never have to worry about property management, investor relations, etc.

(That is broad strokes, to see more about who you can and can't deal with research prohibited transactions and disqualified persons.)

The seller is a nephew of the previous resident who had a stroke, which affected his mental faculties.

I lmeant to tell you that I had stroke at the same time that I had the brain  annurism.  

I do respectfully disagree with @Jay Hinrichs broad paintbrush stroke of renters in the price range being unstable - in a small town like that, you'll find a lot of good people and not all are poor working for $8/hr.  

I got into this by a pure stroke of chance and I am absolutely enthralled with it.

It's led me to start figuring out how to scale (such as hiring a maid and using a laundry service).My first property was a stroke of luck and is now going through a 1031 exchange (another first!).

When I had a brain aneurism and a stroke when I was 54 I never thought that would happen or how to deal with my recovery.  

Hey Joseph,Different Strokes for Different Folks.

It too has its place.The lenders among us should be able to chime in with far more detailed answers, but in broad strokes: conventional will almost always be better for single family properties and properties with higher down-payments, where's FHA is useful for low down-payment purchases on larger multi-family properties, especially if your credit is less than stellar.