Leaving you to move and store their items if required by law, clean and repair, etc etc.

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

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. 

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.