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. 

Quote from @Carlyn Chism:I agree with Chris on a lender that might be a scam or make you may so much money interest because of the low credit score that you make $1.00 on the flip or no money.  

We also have many unique buyer incentives where an investor can get up to a 10% price reduction to come into immediate equity, or get that 10% as a cash back at closing to reduce your down payment and increase your ROI, or buy rates down into the low 4s on 30yr loans to maximize cash flow.

If they can't agree to your reduction, walk away.

If the other two parties want to flip a house maybe they can do just that as partners and then sell you the house which you can buy with a primary home loan with low down payment.

Sourced through the MLS and negotiated heavily with the seller to get price reductions and credits at closing How did you finance this deal?

It is deferred until sold, via invisible basis reduction. 

Now all taxes are based on a super low rate you can’t fight. 

I don't see an exact location in the OP, but if this is even remotely considered rural, you are adding another LTV reduction. 

Negotiating favorable terms like a low interest rate or interest-only payments for the first few years could help manage cash flow until renovations are complete.