I do have experience renting out and managing my parents old home; however, I just jumped in it without any prior research or knowledge about rental property investing.

If he expected to get all his cash out, why are you paying all the bills.If both, then both situations needed to be worked out prior to starting. 

I find it a bit highly priced psf (370 psf) but reasonable based on tenant profile and ROI. its basically 7.1% ROI of a national dental chain in Southfield MI paying about 25++ psf with escalations and 7.8 years remaining.Since this deal is clearly predicated on tenant strength, one of the stipulations I requested for prior to executing the s&p agreement is to allow for a tenant interview and to review tenant financials to assess likelihood of tenant renewing. 

ORYou could ask the seller to refinance the property prior to closing and buy the property subject to the financing.

My concern prior to renting out the house would be that I would need to replace all of the electrical as one repair issue with a tenant could cause a major problem and I could see myself renovating the kitchen and bathrooms to get full ARV, but that could wait a few years as they are in decent shape.Does anyone have any good ideas I could present to my family members that would entice them to do such a deal?

Get a copy of the foreclosures prior and maybe go see a couple of the properties (as much as you can see within legal limits) and then run some numbers as practice to how much rehab and ARV would be.

Thought I'd share since I felt pretty good after installing my $5 part, which required 0 tools, and I had 0 knowledge of fixing a toilet about 10min prior.

You will then get instructions on when where and how to deliver the paperwork and file your case in court. 

While I’m somewhat familiar with real estate (from purchasing my property, reading, podcasts) and have enjoyed learning about it prior to this point I know I have much to still learn.Knowing what you know now, what would you recommend to a new residential agent when getting started?

Thanks Anthony Schmitt- I will definitely be networking in the area prior to making any sort of decision.