However, if you can save that much extra per month, you will have plenty if disaster strikes. 

@Randy Philpot Not to pile on, but this strikes a nerve with me.

Long distance rental properties strike me as being like long distance relationships - both are high risk and prone to failure.

You can strike out any portion you're not comfortable with (not by electronic signature, print it out).

These areas/ houses strike me as ideal for affordable housing, if the market is tight in that price bracket.  

If so, be careful not to strike a deal with this borrower, even subject to your deal, as you may have some problems with your price level and subsequent dealings with the borrower.

Strike a chord with them and make it personal.

Given that you said they're in excellent condition and have been on the market for many months now (during decent times to rent), a price drop appears to be in order to strike up interest.

so I'm familiar with the purchase process but I'm striking out when I try to figure out the fine print of how it works with a partnership...  

HOWEVER "spoiler alert" you will have a major issue IF you do not finish paying yourself back e.g. transferring jobs or strike it rich in real estate and quit main job... so just be understanding forward thinking gl:)