I think a 1031 exchange wouldn't be a bad idea if you're not making much on the property, and are worried about big repairs coming up in the near future. 

I'm thinking a house hack with a V.A. loan so you could slide with that 0% down and allocate funds for repairs. 

Learn property management, analyze rental demand, find high-quality tenants, and budget for renovations and repairs.

Trying to manage a $1M Airbnb rental while it sounds good you got $6500 in bookings you still have significant costs to operate it with maintenance repairs, utilities etc.

Also, in a 1031 the seller cannot take possession of the funds so you giving him the downpayment to do repairs would be challenging.

A family member contacted me directly, so my agent hasn't been involved at all with this deal so far.In that case, the only reason that you would pay him the 3 percent is you wanted the assistance with the whole process from negotiation, home inspection, negotiating any repairs, mortgage and closing and title referrals.

All in for example, 75k, rent 1600, thats 2% + That gets me going :) 15-20% net, so this is after any forecasted vacancy, repairs, property taxes etc. 

You’d gain tax deductions, and you’d relieve yourself or your parents of any additional work regarding reservations or repairs. 

You should negotiate with the landlord that you don't mind taking care of small repair items such as tighten screws, drywall and paint repairs.

I haven't been expanding my business with LMHA since the end of 2016 per my posts above so I don't know exactly what changed, but I expect the outsourcing of inspections to private industry + some executive level leadership + replacement of staff with new faces excited to serve the needs of HUD/Landlords/Those In Need has resulted in an agency I will develop more business with.The HCVP will always be a double edged sword for landlords (See Section 8 Bible discussion) but for now I have discovered it is finally worth the effort to participate in the program.I specialize in Toledo's transition neighborhoods, discounted houses on the edge of nicer areas but also on the edge of trash...the Section 8 program allows me to get long-term tenants who are a good business model provided they are consistently managed and visited/inspected for additional "visitors" (relatives and random dogs/cats) and damage/housekeeping which can destroy a home if left unchecked.You need to know the rules, repair and renovate for long-term durability, prepare for inspections thoroughly and keep a team of contractors who will hold those standards...after 8 years we have been through a hundred inspections.