Just me personally but if you're in uncertain times I'd minimize my exposure on my primary (especially in FL where your primary residence is legally protected). 

How do I best protect my personal assets while minimizing set up/annual costs associated with the LLC? 

The real estate investment method I'm leaning toward is BRRRR but I am open to finding good deals on homes that need minimal effort to become rent ready.

Minimal work is required on the property.

The real power of the FHA loan is that it allows those with lower credit or minimal money down to purchase a home.

If you're trying to build a lot of wealth while trying to minimize the # of units you own therefore minimizing time invested, it makes a lot of sense.

The rents do not support the asking price and the seller flavors that by minimizing expenses and allocations.

If it is minimal, it might not be worth it.

One of the reasons for wanting the 3 bedroom is there is minimal additional construction cost, but will generate $200-300/month additional rent.  

I think if you and your wife really dug into the research, you guys would be able to find a property at that price point where even with a Property Manager, or rehab/renovation/repairs etc; the additional costs would be minimal, considering you guys make a decent chunk of cash to weather it all.