First you have to face the local municipalities & will be extremely difficult to get the zoning approved. 

I have been President in a 30 lot self-managed HOA and it isn't that difficult if everyone works together. 

I exclusively invest out of state (buy and hold / fix n flip) because cashflow is extremely difficult to find in this area.

I have done many 1031, and never did a Reverse 1031 and was advised by the Qualified Intermediary that they are more difficult and expensive. 

New realtors, new realty companies, new PMs aren't going to have those established relationships and *no* PMs give up the names of their people to anyone else because getting good people is difficult. 

@Joseph BinkowskiDon’t forget that you can now be qualified as an accredited investor by passing the series 65 exam without any income or net worth requirements.It will cost you around $200 to $300 and will be valid for 2 years (unless you can park your license with a financial advisor firm, then it will last as long as you maintain it).It is not a difficult exam and you should be able to pass it with around 40 hours of self study with a good prep book or website.

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.  

@Michael Beirne Lower priced markets such as Baltimore are very difficult to operate in utilizing entirely 3rd party support.

I am not saying it cannot be done but it might be difficult and is definitely more risky.

Income is difficult to predict not knowing the market.