That's not normal.   

Aside from that I think property management will be big as this as a little more of a unique situation then a normal college rental so making sure you and them are on the same page.

Why get paid/compensated more for doing something he would have normally done anyway??  

I normally do $2500 per unit as a reserve amount, but you can also think in terms of holding 3X, 4X, 5X or 6X  your monthly expenses in reserves which is also good practice.

An AirBnB is a much more easily accessible way of getting into a nomadic lifestyle than spending 10s or thousands on a van...

Normally purchase SFH rentals, but am in the process of purchasing a fourplex and the quote I received has been way more than expected.Also, while we are in the topic of insurance, any good recommendations for umbrella insurance?

Well, I would normally say you get what you pay for, but there's a limit.

In addition, normally for conventional, you have to bring 20% down unless you qualify for a low down payment conventional which usually has income requirements.

Spend some time on the forums figuring out normal expenses for CapEx, vacancy, taxes, insurance, landscaping, etc. 

The house was actually purchased for a family member who then passed away, so it wasn't the best "deal" and not intended to be a normal transaction to begin with.