Ok, the bank accounts is easy to figure out as well as no co-mingling funds/property... keeping corporate records is something I have no clue about or the corporate law piece... any guidance or direction there is greatly appreciated!

I have a family member who is near and dear to my heart, and they've come to me for advice and I unfortunately don't have enough knowledge to point them in the right direction. 

You just took a giant leap in the right direction; signing up on Bigger Pockets!

In a recent property I saw rent was at 685 and a few doors in either direction similar units are going for 1300.

Your parents do have the option of selling the property under your direction and purchasing different investment property using the 1031 exchange again.  

The key was SEO, simple processes, very targeted and directed keyword marketing, automated payment and enforcement.

Ideally they should be able to provide / generate reports; 3 year T12 P & L, 3 year historical occupancy, 3 year Capex, and so on.Good luck,Oren

Ideally, they are provided by a company that owns, renovates, and manages the property all in house for you. 

Its mostly self directed but the course structure is broken down very well and easy to follow along.  

You can also contribute to an IRA in addition to your 403b and those funds can be self-directed immediately.