If your sale is $400K and your purchase is $800K then you could indeed go on deed with another person as tenants in common for 50% each and honor the 1031. 

Even then I would most likely go with a good property manager vs some random person. A

I will say, anytime I hear "it is priced based on what was paid for it" I get very skeptical that you are dealing with a reasonable person.  As

It really depends on the person as much as the place. 

Note that when the words "incentive" or "incentivizes" are used, the reasoning tends to be often aimed at the lower level of scruples and integrity type of person. A

there is just no substitute for being hands-on.this lets you go to REIA meetings, visit as many properties in person as you like, network, etc.

If you want SPECIFIC information, then yes, I say give the person a couple of bucks.But general information should be free.  

I have thought about your responses and will introduce myself in person as the proud owner of this little cottage.

Could any pro please kindly share your thoughts and experience on the Pro and Con of having a home warranty for rental properties and your persona advice?

I am sorry for not been more precise.... i am looking into a house of $295,000 as a primary residence as after some evaluation i saw i will be better off buying it then keep paying rent were i currently live now.So this is how it would look likePrice sale: $295,000Down payment anyway between $20,000 and $30,000 30 years fixed at 4.36%Mortgage payment between $1,753 and $1,703 Closing costs around $7,000 (average for FL i think)Appraisal around $450 (again, i think the average)Now, the rent amount i pay at the moment is $1,800 p/mAs i am not that long in the US i didn't had the time to save a lot more then the total of the amount described above.