Also, I think it important to have sophisticated lease contracts since this sort of renting is more nuanced. 

Like @John Fortes mentioned, you are certainly qualified for 506b offerings - my Dad and I are syndicators and a part of a large group of syndicators who accept sophisticated investors like yourself. 

Do some renegotiating on the spot to cover yourself before you drown yourself in expenses and Dad files for a BK.There is this perception that everything is great right now.

Those include marketing, emotion, perception, status, and then some quantitative measurements as well (lol).

Start there and get more sophisticated as your experience and knowledge grows.  

You can seriously make the same cash flow and appreciation with being a limited partnership in commercial deals (typically need 50k to invest while being sophisticated or accredited investor).

The bank account will serve as your basic book keeping until you need a more sophisticated solution like QB. 

I feel like I need to show a higher level of sophistication, and preparedness.  

However, your attitudes and perceptions do.

Nothing sophisticated.