Your best bet is find the brother.

My strategy is to exit in 3 years.Based on my calculations, it will generate 3.7% cash-on-cash return in the first year (with an aggressive expense estimates) - I am betting on the appreciation value than cash flow.

Cash flow might not be your best bet, rental agents/property managers are very competitive now that no matter how bad they are in their job, they still get everything at market price.

It'll hopefully put more pressure on the debtor to get their rent paid knowing everyone else there see's they are obviously behind.If you boot it, I bet you could structure the lease language in a way that would require payment of the rent in full for the boot to come off, plus the boot fee, because like you suggested the parking would be the last item funds would be applied to.

There are much safer investments out there with similar returns.

Yes, it is the best return on your money, but in my experience as a property manager, most people just starting out get more traction if they start in a safer - class B - neighborhood. 

All bets are off in a house that has a lot of asymmetrical rooms, extra corners, or a lot of ceiling height changes.

@Michael Gayer Jr I think using MLS is going to be your best bet. 

If you are able to get a loan, I would bet your leverage would only be 50-60%, so you are looking at 150k -250k. net of fees.

Your best bet is to network with investors and mortgage brokers that are investor friendly.