In my area, that would mean I would need to control at least 250 SFH.  

Remember you don't have to own a property to control it.

Remember you don't have to own a property to control it.

I hated having no control over my property, and I have a hard time trusting a company to handle things that matter so much to my income!!

Also, my understanding, from your post, is that you would be buying the property in the current AS-IS condition, but paying the ARV price; without having any control over the rehab job. 

Remember you don't have to own a property to control it.

You will be required to somehow prove that your failure to do what you promised was due to something completely out of your control, such as a non-voluntary job relocation or out-of-state mother in law that came down with cancer that caused you and your spouse to move to be closer to her until she passes away.If you cannot prove that this thing was completely beyond your control, your future mortgage loan application(s) will be denied until so much time has passed that there's nothing in your paperwork making it obvious that you did this.

There are many options around that.As for FHA not being for investment that is not precise.

The costs are heavy upfront to buy in, you have no control or say, and you cannot invest in value add deals.

pest control (if applicable)?