Potential private loan - is it worth it?

[Lisa Shows]

My 5 siblings and I have inherited my late father's primary residence.  We are considering keeping it as a rental property and splitting the revenue.  However, my brother has proposed another option: that we sell and after realtor's fees I take the money and use it as a private RE loan, with an agreed upon interest rate.  This amount would probably be around $180,000. He is proposing a percentage rate around 8%.  I know this is slightly higher than current investment mortgage rates, but I am wondering more about the long term - would it be worth it to have a higher ongoing interest rate for a pot of money that gives me flexibility?  The idea would be I would pay them over the long term, not just refinance and pay off the loan. 

I am thinking of scenarios such as buying one property outright with cash then refinancing in order to continue the process with as many properties I can get (eventually likely just using it for a down payment). I used hard money for my first rental property and I think this method would simplify the process. I know part of this calculation depends on the numbers of a particular deal I might find.  

I would love to get some perspectives from other investors as I don't have any other investors I know in person to discuss this with. 

Thanks!