I need the ability to calculate the sq ft area of the property

Even if it's not really a feature, you can create a room that will measure the total area of a home (including the area or the walls on the ground) by double clicking on an exterior wall with the Room creation tool.

It would also be nice if there was a way to set the dimensions to automatically measure the outside walls.

Such a feature doesn't exist, but in case you didn't know, the Dimension creation tool lets you create dimensions tool by simply double clicking along the walls you want to measure.