My client recently purchased a 3/2 single family house for $160k that was near turnkey and already rented at $1900/month and in a very desirable residential neighborhood!

The home is in a very desirable area. 

A property near the 606 Trail in Logan Square could command $2,000/month, while the same unit in a less desirable area might rent for $1,300.

Trying to balance proper due diligence against my desire to just acquire a bunch of mediocre units!  

There are so many great strategies to help you scale your portfolio, so I understand your desire to find the right plan and avoid mistakes.

The FHA rules/regs (in particular the FHA self-sufficiency test) are applied the same across all markets, and I know for a fact that in rural communities across the country, and big cities that are not particularly desirable places to live, it's not a deal-breaker, I am not commenting on those areas. 

Keep in mind that inexpensive properties are inexpensive because they are less desirable properties in less desirable areas and attract less desirable tenants.

I wouldn't consider it a heavy negative unless the street is super tight and parking is hard to come by or if the street is very steep/busy.The more desirable dense city neighborhoods it's almost kind of expected and off street parking would be considered a luxury rather than a necessity.If you get out into the suburbs I would say it's more of a big deal since more rentals have off street parking or a garage there.

Their target audience are professionals with cash don't don't have the time or desire to become educated and are willing to pay/forgo some revenue for a experienced investment relations firm. 

Investing institutionally on behalf of our fund investors sparked my desire to pursue my own investments and create wealth independently.For my first property, I plan to use the BRRRR strategy, likely with the help of a hard money lender.