There are some options in this scenario. He could gift the properties to a Trust. He could sell them to you/your brother in exchange for a note providing the required return. An IDGT may also be an option here.
You should consult with a CPA and an Attorney.
Hard to beat the tax efficiency of the stepped-up basis inheriting the properties allows.
Why don't you and your brother just operate them and give Dad 7% until he reaches end of plan?