You have more control perhaps on tenant qualifications, you can shop repair providers....you may market hustle vacant units better than PM, so have less vacancy....so there are advantages and disadvantages to both. 

I know some investors who have gotten their license and intentionally let it lapse due to the disadvantages. 

Both have their advantages and disadvantages.

what's the disadvantage of starting with FHA vs conventional loan?

Are there any disadvantages of adding a rental to existing Umbrella and not start an LLC?

I guess the only disadvantage with this option is the space issue.I also thought of just renting a bigger space while we increase our capital which may entail a longer time, but honestly I feel I'm already having tunnel vision and not being objective anymore.Any thoughts will be greatly appreciated, I'm sure I'm missing a ton of things with this picture and I'm not even sure if I am asking the right questions...Thanks in advance everyone!

I'm not from Central Florida which may be a disadvantage since I have no sphere of influence.

Is there any advantage or disadvantage in going with an agent who currently has a listing in the neighborhood?

There are a few disadvantages I can see with the ground lease alternative. 

Also, a concern of mine is that previously disadvantage people took out many un-affordable home loans to keep up with the Jone's, and this will push up interest rates.