Hi Kin,Transferring your share of the property to your brother may have tax implications, including gift tax if the transfer is considered a gift.

So I just wanted to present the raw facts, hear everyone's opinions, and obviously gain some knowledge and tips from investors! 

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

During escrow converted it to a Roth and paid the taxes.

The 1031 exchange rule to defer your tax is two part 1) reinvest all your proceeds and 2) purchase a property (or properties / DSTs/TICs) with an equal or greater market value.  

We did that for about 3 years until Jeff informed me he'd fallen behind on property taxes, and all of his lenders called the loans due.

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

Keep in mind that you get to depreciate these appliances on your taxes.

@Nicole GrazianoI recommend that you have a consultation with a real estate tax accountant regarding your taxes.Bigger Pockets is a great place to find a real estate tax accountant. 

It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.