Monopoly with a Three-year-old

This week my husband brought home Alaskan Monopoly (he inherited it from someone at the school I think). Anyway, Wolf was very excited to play it, so tonight after dinner we set it up.
Bear was on my team, since three is pretty young to try to play on his own. After about our fourth turn he got tired of waiting for turns and started playing on his own.

First he traded out everyone's playing pieces.
Where's my piece?
What were you?
I was the car.
Oh, well, I think you're the hat now.
I thought [someone else] was the hat.
No, he used to be the hat, but now he's the battleship, gee, weren't you paying attention??

Then he started playing with the houses and hotels.
Wait, you can't have a house on Juneau, you don't own all the reds.
I didn't put a house on Juneau!
Oh, it was Bear, Bear, you can't just build houses on the board, you have to do them on the table.
[Bear grins and puts a hotel on the board]

And then there was the money.
Here mommy, you can have a pretty pink money.
Oh, thanks honey, where did you get that?
From Daddy.
Oh, well then give this other pink money to daddy, ok?
--and--
Hey, I thought I was broke, I just mortgaged three properties to pay you, how did I get a $500 in my money?
You must not have noticed it
Um, I'm pretty sure I checked...
[Bear grins innocently]