Looking for some advice on rental options (Denver and Indiana)

[Joe Halter]

Looking for advice/recommendations. Disclaimer, I work in education and have very little experience with property management and financial investments so I’m looking for some help. Over the past month, I have been researching this as much as possible (Bigger Pockets posts, Real Estate books, talking to people, etc) but I thought posting here would help me continue to explore all my options.

My father is moving into assisted living next month in Denver (where I currently live) He has an old farm house in Indiana that is paid off worth around 125K. He can cover most of his monthly expenses with pensions and social security right now, but if his health declines, we will likely need to generate additional revenue to help with those costs. I will be helping him manage all of this and we are trying to figure out the best route with his house. I am married, work full time, and have two kids so don’t have a ton of free time to do the typical real estate investment strategy of leveraging his money to buy and manage multiple properties. Some options I can see them right now (open to all suggestions!):

Rent out his current house for somewhere around 800-1000 per month

Sell his house and buy a property in Denver with those funds and some other cash/investments he has (yes, I know the Denver market is insane right now) to rent out

Some other option/recommendation I am not thinking of even outside of real estate?

Thanks in advance for the help!