That's probably more critical than a rent roll.For a 4 unit deal, you probably can do without a lawyer.

Also work towards finding a reputable contractor as you are aware this is critical.

To @Ivan Barratt's point above: educating yourself on the various strategies is critical, so you don't jump into something with a wrong-fit partner/type/market, etc and find yourself down $200k.a few options come to mind: private lending ("be the bank")investing as a Limited Partner in a syndication (most options only open to Accredited investors)turnkey rental investing (granted, i think of this more as "semi-passive" since you still have to manage the property manager, requires a phone call or email every other month or so. at least, that's been our experience)you mentioned "no desire/skills to be come a landlord" and I think that's a reasonable expectation IF, you focus heavily on your skills that focus on the analysis and decisioning at the front-end. said simply: it's likely worth picking a strategy and then focusing your limited time/effort on developing the following: goal - have you set them?

Unless there is critical mass showing that the area is transitioning, it's dangerous to be the first one (unless you control half the block and can create the critical mass) because the improvement may never gain traction.  

Also critical are location the "right" tenant, minimizing vacancy, and developing an efficient low-cost property management model.In order to grow, similar to other investors on BP, I also use cash-out refis and investor equity partners.

And yes, there is a lot of development going on there, so it would seem critical to buy at a price that can support lower rents for the older properties, given the upcoming competition.

Before you stage,call a local real estate agent and ask them to come over to see the property and give you an honest critical opinion as to the way the house is showing.Tell them you are not hiring them to sell it and just want an honest opinion.They are going to want some money for their time so offer a hundred bucks or so.They hopefully will show you why it is not getting offers like poor decoration choices(too cheap or ugly),Poor curb appeal(bad choice of paint and landscaping)or the neighborhood itself is worse then you think.Bathrooms,bedrooms,and kitchen may not be big enough for most buyers as well.

Having the IRA provider in your local area is not as critical as having real estate expertise in the locale that you are targeting for investment. 

. - think VERY SERIOUSLY about college. education is very important  but not all education is created equal. you will NOT need a fancy school or a degree to be a successful investor, state or community college might be just enough to learn basic principals and critical thinking.

As several posters said: get the critical info for the flip hes working on right now( get loan duration,investment,property value at time of sale vs. another year down the road....., crunch the numbers and show him the decline of the profits month by month after he missed the "sweet spot") get the info into a presentation and strap dad to the couch and force him to listen.