Seller has transferred ownership but still on the hook for the mortgage so what can go wrong with that scenario ??

If anything goes wrong, then the legal aspect will be limited to you and your partner. 

Renters are going to see this and think there is something wrong with the place, otherwise someone would have rented it earlier.Remove the ad and then relist it with the lower price.

What happens in these misunderstandings is that something goes wrong either in the sale or after, and then they sue you for some statement you made that they “misunderstood”.

you can dispute with credit card company.. for instance my amex has powerful protection plan so if anything was wrong they will reimburse me immediately, otherwise just fix it yourself and never pay until fully inspected and satisfied

Sorry if the question is in the wrong place.

The septic guy said 5-6k for the new tank.I would have to pay a well expert to come figure out what is wrong with the well and give me an estimate before I knew how much fracking it could cost.

There's furthermore a magnificent chance that any gesture you make with a book about home maintenance will be interpreted as an undercover effort to tell your tenant that they're on their own if something goes wrong and not to call you.

I could be wrong but I did talk to them a few years ago about a project I was doing, but for a variety of reasons, never ended up doing that particular project so it never went any farther than that. 

This sounds good in theory, but sounds like a lot of things could go wrong for the 1st seller.