The 90% they are paying you back is probably 1/3 of what they're actually making by you committing to a deal.

Using money from an appreciating asset just to pay your landlord doesn't seem like a good flow of money.

My two partners are willing to pay their share, but they’ve also offered me the option to take over the property completely since the loan is in my name.Here’s my dilemma: If I keep the property and rent it out, I could get around $2,300 in rent, but my mortgage is $3,300 at a 7% interest rate.

We had success in summerlin with insurance company paying .. over a 24 month period we had 3 tenants   fair market rent at the time was about 2200 or so non furnished.. we got 4100.00I did not like the turnover so I put it up as furnished rental and got 3500 and its going into its second year with a superb tenant. so seems like a happy medium for us.. 

If your brother is looking to invest in real estate largely from a tax reduction standpoint they should pay a qualified real estate tax strategist to review their specific situation and what may or may not work for them. 

@Michael Daniel Ultimately, it's all about confirming what the housing authority pays.

After I make those payments then my lease with them is for $5,250 for 12 months where they pay all of the utilities.

Thanks, it all sounds good as long as I can avoid paying hefty taxes and generate cash flow.

Quote from @Paul Lucenti: Would you rather have monthly cash flow or would you prefer a quick pay day after 3-6 months?

Or you could pay cash now and refi later.