The numbers will suck because of taxes, HOA dues, but you should be able to write off your expenses and perhaps minimize your tax liability from W2 just a little bit.

I have no idea what each party has agreed to nor what is actually in writing.

The property fits all of my other criteria for rental purchase as far as quality, location, rent to price ratio etc......So the question is if we write up the subject to the right way as to be non recourse, is this a doable thing?

Write up the agreement based on your convo with the seller.

If you proceed I would suggest putting everything down in writing (loan amount, interest rate, pay back date, what happens if payback date it missed etc). 

@Andrew WarnerNice write up.

Sometimes after you depreciate and write off loses at tax time the hit is not too bad.

Looking for a tech friendly CPA, someone who uses Quickbooksonline software or has own cloud based software for oversight or remote managing. 

You may not be able to access it easily, it is still your moneyTOTAL impact            203 a month This is with out considering the  additional 100 a month cash flow.little tweak you have to back out the land value you cant write off the entire purchase price.. but for me I want write on's not write offs its still money out of your pocket.. and if you miss rent like you will with these low value assets then your negative cash flow and feeding it.  

And thank you for trusting your realtor when he told you to write that offer before you saw the house in person!