I am looking to create a value ad to the property.

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Additionally, not all transaction types support Locations, meaning you'll have to create journal entries to correct them—requiring a solid understanding of debits and credits, which can be time-consuming and error-prone.Instead, I recommend biting the bullet and upgrading to QuickBooks Online Plus for each entity.

Once you are familiar with what a good investment looks like, then you can create a rule of thumb to help you analyze property faster and only dig deep on the ones that look promising.Here's a guide that describes what good cash flow looks like and how to analyze a property.https://www.biggerpockets.com/blog/rental-property-cash-flow...

But in my imagination it seems like a good way to create some prime real estate in the city limits.

I know I can create a series of my own documents regarding this in Word and Excel, but am wondering if there is some kind of software package out there that handles this problem?

It was suggested that we create an operational company that will lease rooms to individuals in recovery.

I would generally agree that managing more units under one roof does create some efficiencies. 

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One of my friend happens to be a RE agent, landlord and a property manager himself and he seems to feel that as long as she pays rent on time and does not create nuisance, not to worry much and just keep do a quarterly property inspection.