MIM 2016 setup failing during installation

Using SQL 2014 SP3 for the installation and getting the error shown above. SQL is installed on another server. Errors showing no hints.Can anyone please advise, how to fix this issue? 

Action ended 19:45:39: CheckDotNetVersion. Return value 1.

Info 2898. For WixUI_Font_Normal__UL <g class="gr_ gr_67 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace" data-gr-id="67" id="67">textstyle</g>, the system created a 'Tahoma' font, in 0 character set, of 13 pixels height.
Action 19:45:39: SqlCredDlg. Dialog created
MSI (c) (88:84) [19:45:39:491]: PROPERTY CHANGE: Deleting MsiSelectionTreeSelectedFeature property. Its current value is 'ResetPortal'.
MSI (c) (88:84) [19:45:39:491]: PROPERTY CHANGE: Deleting MsiSelectionTreeSelectedAction property. Its current value is '2'.
MSI (c) (88:84) [19:45:39:491]: PROPERTY CHANGE: Deleting MsiSelectionTreeSelectedCost property. Its current value is '0'.
MSI (c) (88:84) [19:45:45:180]: PROPERTY CHANGE: Modifying SQLSERVER_SERVER property. Its current value is 'DGAMIM01'. Its new value: 'dbMIM'.
MSI (c) (88:84) [19:45:45:242]: Doing action: CheckDatabaseNameFormat
Action 19:45:45: CheckDatabaseNameFormat. 
Action start 19:45:45: CheckDatabaseNameFormat.
MSI (c) (88:90) [19:45:45:242]: Invoking remote custom action. DLL: C:\Users\SA_PSH~1\AppData\Local\Temp\MSI8E65.tmp, Entrypoint: CheckDatabaseNameFormat
MSI (c) (88!44) [19:45:45:258]: PROPERTY CHANGE: Adding IS_VALID_DATABASE_NAME property. Its value is '1'.
Action ended 19:45:45: CheckDatabaseNameFormat. Return value 1.
MSI (c) (88:84) [19:45:45:258]: Doing action: CheckSQLConnectionAndVersion
Action 19:45:45: CheckSQLConnectionAndVersion. 
Action start 19:45:45: CheckSQLConnectionAndVersion.
MSI (c) (88:64) [19:45:45:258]: Invoking remote custom action. DLL: C:\Users\SA_PSH~1\AppData\Local\Temp\MSI8E75.tmp, Entrypoint: CheckSQLConnectionAndVersion
MSI (c) (