I've been using the same two page contract to tie up millions of dollars of real estate for years.... 

I know that it would be more attractive to building a stone castle, but what I'm going for is cashflow. 

Assuming the rents cover your expenses, in 30 years when the mortgage is paid off, and you’ve done the smart thing by raising the rents over the years, you will be sitting on a multi-million-dollar asset that you own free and clear that cash flows thousands of dollars per month at the cost of a measly $15k or so out-of-pocket 30 years prior.

Again, the expensive communities attract buyers that want something nice - not a project!

@Adam Rothweiler Sounds like your making the transition from SFR to commercial so the likely 1st purchase would be a smaller building that will likely attract mom & pop businesses.Most folks don't go from SFR to a plaza with a grocery store as the anchor.When you are screening the mom & pop businesses there is no reason not to run a credit and criminal check on the owners themselves. 

@Tyler Maragh Would a vacation home in Davenport attract tourists visiting Orlando and Disney or is it too far?

I own over a million in real estate and they are living check to check renting.

From what I have read, the only guys getting a non-recourse loan are those involved in multi-million dollar deals.I cant see any issue with the non-recourse, but would expect you are going to pay a little more for your money since the risk on the lenders side is higher.

Could the house be acquired for less, that would not only improve the return on cash, but also build equity into the deal.In addition to the cash on cash return (and we could possibly nudge the rent up a bit to make it more attractive), there are definitely other ways we can increase the upside for our investor as I expect my financial position to improve drastically over the next 6-24 months.  

Lowering the property's value and the quality of tenants you can attract.