That being said, expenses at $650/mo will save me $500/mo on rent.Any thoughts on this deal?

Sorry for any confusion, I appreciate your thoughts! 

It tells you who sent it.The only thing that is potentially troublesome with these systems, I thought, is you aren't able to not accept funds. 

Would love to hear your thoughts and ideas!

You then supply the owner with an annual statement of income & expenses, so their tax professional can prepare tax return.

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?

My initial thought would be to evaluate it like a hotel, which is usually evaluated with a payback period, but in a hotel deal the investment usually includes the land and buildings, which have significant value on exiting. 

I’ve thought about dropping them but I’m under contract with them until September.

Same thought could apply to DIY tax preparers :D 

I recommend that you interview at least 3 agents in each market you are interested in investing in, and come prepared with at least a high level guess (hypothesis) about what a good deal might look like in those markets.