Do you and your brother have a partnership arrangement?  

Ideally, that is what I want.You can continue to talk to them during that time period, and discuss payment arrangements, but make it clear the clock is ticking down.

See if they would be open to an arrangement where you buy one unit from the owners who will take the cheapest price. 

Sign the lease, sub-let to a partnership, rent is lower than market sometimes with net profit lease arrangements.

I'm going to show him your response and use it as a framework for our business arrangement.

As you gain experience later on, you might adjust the management arrangement to your advantage, but not until you can convince the investor that you can do the job.The investor: Who are you fishing for?

Do you advise allowing the tenants to remain on a month-to-month arrangement in order to make sure they are good tenants and the relationship will work?

I'd really suggest that you get a better arrangement worked out with that partner and figure out a way to get their approval before you put your offers in.

Establish contact and arrange a payoff so that the lien is cancelled before the foreclosure process is triggered by the "Power of Sale" clause in the senior lien aka Deed of Trust in NC.

You might try approaching the broker and seeing if they would be agreeable to some type of arrangement.