But once your chart of accounts and classes are properly setup it is helpful for generating reports to see where/how money is being spent and coming in and lots of other itemsSince you are using PM's, I would expect that they would send you a year-end report in addition to your monthlies. 

A professional understands the laws, has systems in place, knows how to properly screen, etc.

How would I go about getting proper documentation to prove ownership?

Or you can put it in a balanced portfolio of investments that you select, with or without a paid financial adviser.

I plan to go through proper due diligence to assure it provides great cash flow.

If you guys can bring your principle balance down to ~ $250-300k, you could refinance before you leave and bring your mortgage payments around or below $1800.

Most advice I have read is to start looking once you get past the 5-8 unit mark but honestly a proper sized umbrella policy will serve the same purpose.

The only benefit to a lease option, really, is that you can charge them rent plus additional for the principal balance, force them to pay the taxes, and take care of the property.

They sold me on the fact that they are a Military Family and I did not do my proper due diligence.

First thing you need to do is pay off your lowest balance credit card.