So I found out today that the people who’ve owned it have owned it since 1973 and I believe it’s been a rental property majority of that time so I’m assuming they’re getting older and trying to get out of the game.

You pay them the service fee and they will connect you with a local specialist that will fix whatever is broken (as long as its covered under the contract)-If the repair involves work not covered by your policy, then you will have to pay out of pocket directly to the contractor for extra.For me, as a first time home buyer of a duplex house hack, the seller offered a free home warranty as an incentive when purchasing the home.

Maybe to get his skin in the game, give a big bonus if it is finished by a certain date and another bonus if it sells by another date at or above some price.He can not manage money and time. 

In that case not having to pay out of pocket for a tank removal may be appealing while still getting a significant down payment and the full sale amount within a few years. 

Unless someone really needed to sell their house, if it meant for them to pay out of their pocket to sell it.

Airbnb offers it, but it’s basically managing a property for someone while the owner still receives all payouts.

I want (hopefully) long-term tenants with their own skin in the game.

If your dad doesn't need or want a lump sum cash payout, he can certainly gift the entire property to you. 

It is close to  University sonwe benefit from parent visits as well as graduation and football games.

With good books you can win the RE investment game and avoid the stress of worrying about an audit at the same time.