Texas is full of inexpensive housing ..

Your conclusion that you'll lose money either way depends on the timeframe.

Inexpensive markets like Toledo, OH and Cleveland, OH are doing really well for out of state investors.

Do you expect to live long past that time frame and be healthy enough to fully enjoy that great cash flow and deal with the landlord stresses?

What you want is doable, outlining your contract agreement in a non-binding LOI with the owner, for instance, referencing what you speak of, rent abatement, TI allowances if needed, due diligence time frame, and general lease terms needed.

I don't claim to have a crystal ball to give a time frame, but I think in the next 7 years we should experience a better market (at least to some degree), giving you a chance to refinance into lower rates if you wish.No point in locking in a 30-year fixed when the rates aren't incredible to begin with.

Quote from @Michael Plaks: There are many CPAs here and many investors who think they are CPAs.The key issue to understand is: you cannot create any tax losses from renting rooms in your house.So if I rent out one of my rooms at say $600 a month ($7200 a year), I cannot deduct more than $7200 in expenses? 

Lots of seniors with limited income are having a hard time with rent in expensive areas. 

Is what I’ve been told accurate that it’s more about the intention than the timeframe?

I own a business doing about 20K a month but that won't qualify me for a loan due to the timeframe of my business, and my parent's cosign won't help with their DTI ratio after I purchased this second property.