My issue is that I come from a low income background and have fought my *** off, pardon my language to get to where I am now and comfortable.

I've been looking at a few other locations 3-4 hours outside of Dallas that have more relaxed or set-in-place regulations.

Perhaps this would make the lender more comfortable while giving you the benefit of settling with a shovel ready lot. 

Regarding the location, I could definitely see keeping it a while and it’s only a few minutes from where my wife and I live now which is a comfortable area.

It depends on your comfort level.

I would prefer to self manage to avoid the high poperty management fees (I think its around 10% + 1 month leasing fee, etc.) and I also worry that the property manager will likely not be as dilligent in finding high quality affordable vendors, etc.I see 4 major pieces of work1) Tenant finding: I feel comfortable doing this remotely.

If you don't mind providing some data for me to reference I'd appreciate it, but understand if you want to keep some or all personal--namely I'd be interested in approximate location, bd/ba count of your property and the rent % increase (or if you're comfortable sharing actual prices) implemented between your last tenant and current one. 

We have found this is usually enough time to allow a client to get comfortable with the process and really see our value both short- and long-term.

Finding good renters is going to be every house hackers biggest concern.Since you are a private landlord, you can set you application guidelines as strict (within reason) as you need to feel comfortable.

If your wife is comfortable living close to other tenants you can get some low down payment loans and have the tenants cover most if not all of the mortgage.