Will a co-sign to a loan increase the chance of pre-approval?

[Will Ducusin]

Me (and wife) are from Tennessee. My brother and his wife are from California.  WE are planning on buying our first single family rental property in Tn. I and my family will be the first "tenants" for the property. Our plan is for my brother, who earns way more than me, to co-sign on my loan application and we will split the mortgages while I'm paying rent on the property. 

Will having a co-signer increase our chance of approval? What strategies can you suggest?