You should share information about the deal itself and what your objective is with this property, because then we could offer feedback as to whether or not it is a good deal.Based on the general tone of your post, I'm going to recommend that you pass on this opportunity and wait until you become a bit more prepared before spending your hard earned money on a property (Maybe my opinion will change if you offer some additional detail on this deal).Analysis paralysis is real. 

.➡️ ➡️ Overall, self-managing a rental property can be a rewarding experience, but it is important to be prepared for the challenges that come with it.

A mortgage or deed of trust (depends on your state) and promissory note is prepared.  

I had accessed the property a a few days prior to her move out day to get some pictures and prepare for tenant turnover.

Cash buyers AND motivated sellers.Becoming or understanding wholesaling is the absolute best preparation and education you can possibly get to become a successful real estate investor.Now that said..

Wife's property management duties also included inspecting units, preparing units for rental, advertising vacant units, screening potential tenants, showing the units and processing rental applications.Wife produced two spreadsheets detailing her rental management activities.

The advise I would give, is that you need to be prepared for these kind of situations.Here is what you should do.

However, don't confuse bookkeeping with accounting/tax preparation. 

I think it would be really helpful to put together a "business plan" while he does his research to prepare for a purchase early next year, but was embarrassed to say that I don't really have a good template for real estate investors. 

Anyone can do this, but you have to be prepared to be uncomfortable for a while.