@Jay Hinrichsagree with you and I think that's an important perspective. 

From a tax perspective, your brother and you both can't claim the interest benefits. 

I have a little different perspective on this and it comes more from selling in a down market, so it's not necessarily applicable. 

From my perspective, with the information I have, I would keep renting it like Matthew said.

A lot of it depends on what the deal can support as well from a return perspective.

If it is the rent (which I believe and not income), your income from lending perspective is 6500 + .7(1500) = $7550.  

Not worth it from a cash flow perspective, and most of the investors I work with also avoid condos for the same reason! 

It'll give you a solid and fresh perspective on its performance.About 2 weeks ago, I just published a video on BiggerPockets YouTube about what to do with an inherited property.

From my perspective I would plan for more than 4 months for rehab and sale of the property.

Hard money has me the most scared but if things go well the profit should be approx 700k and the way I look at it, if it goes over time, I will lose money in interest, but with my calculations in the worst case if it would take 6 months to sell id lose 90k in that 6 months out of my profit, and so on...I see (unless we hit a depresssion) as lower risk in that it would take over a few years of not selling before the profit becomes negative (you can see my perspective)