Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

The reverse mortgage company wants buyout and I dont have over 200k to pay out.

Now, you need to figure out how to find deals and pay for them.

I am responding as a consumer not a STR owner we had one its lasted for us for exactly one tenant then we felt it was too much work for the return  on investment we do much better loaning money and buidling new homes than to worry about people goofing up our homes :)I do have some MTR you know fully furnished homes in Vegas and those are money makers for us top of the line tneants paying double the going rate for rent.

I am not yet familiar with the management fees for an STR yet as we self manage, however Cleveland itself is currently STR friendly and just requires them to be registered if you have stays over 90 days and then you register with the city and pay $35.

Value: I am paying current market value. 

   #9  SWEETEN the POT:    Do not think that paying extra rent is going to entice owners to rent to you. 

When someone wants to send you a referral privately, they are probably sending you a friend that pays them a referral fee.

Instead, he said to borrow the money from a person from Canada and pay them a dividend on the borrowed money. 

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.