I typically look for properties to flip but I am talking to an off market seller that seems like a good buy and hold opportunity but I have no idea how to run the numbers for rentals. 

Or, you may be in a target hail prone area and current roof inspects as solid for at least another few years, which hold good chance % of getting hit by hail and thus diminishing your expense ~50% if not more if have right coverage. 

As long you can provide a reasonable story and supporting docs to persuade the underwriter that you are buying this house in this state as your main primary house.

Long term buy and hold strategy for at least the next 5-10 years.Any thoughts on how to take this on or watchouts besides?

A QRP can hold investments in its own name, much like any other trust.A QRP can also hold assets indirectly through an LLC.

Given how good the terms are, I'm surprised to read that they will work with someone that had a bankruptcy or foreclosure more than 3 years ago with a sufficiently compelling letter of explanation along with supporting documentation. 

They may need to access cash or move to a more suitable living situation.Tax Liens or Legal IssuesOwners facing tax liens, legal disputes, or other complications may want to sell their property fast to resolve these issues without further financial or legal consequences.Burnt-Out InvestorsReal estate investors who are tired of managing properties, dealing with tenants, or facing constant repairs may decide to liquidate their holdings quickly to invest in other opportunities or simplify their lives.Understanding these motivations can help you tailor your approach and offer solutions that address their specific needs, making it more likely you'll secure a deal. 

Investment Info:Single-family residence buy & hold investment.

I also intend to hold assets for long term.  

I have an opportunity for a subject to deal in Washington state. 1 - What would be best way to hold title?