Even though they don't need major projects or much maintenance, now that we're parents and don't live there, it's still annoying when things come up. 

I do agree the lack of control is a potential issue.  

@Janine Sharma The decision to classify your onsite mobile home park property manager as a W-2 employee or a 1099 contractor depends on the degree of control you have over their work.

I'm looking to purchase my first property with my fiancé (both 25) with the goal being to establish our primary residence together, as well as giving me the opportunity to add equity/value via rehab before moving on and converting the property into a rental within a year or so to kickstart an investment portfolio.An interesting lead that recently came up is my parent's neighbor's house.

You have more control over the timing.   

Unlike some states with strict rent control and tenant protections, Memphis offers a straightforward eviction process and fewer restrictions.

Also make sure you are comfortable with some holding costs if the units don't get rented right away (if vacant).Also look into if there is rent control in the area that the property is located.

SFHs are largely exempt from many regulations such as rent control.

Owners who prioritize full control of their future profits or plan to sell soon may not find this appealing.

In the event of an acquisition your "Checkbook Control" set up would not change.