Transitioning into hard money lending is a natural step given your experience.

Hi there from another Pittsburgher,Yes you'll want to get an appraisal done now, specifically so you can figure out what your stepped up basis is and then that way your brothers and you know you all got a fair deal.Second, take a good look at what you need to do to rent it versus what you would like to do. 

You could go with:Step-by-Step Increase: Let them know the rent will be going up gradually, maybe $100 every 6 months, until they’re paying fair market value.

But will you get a stepped up basis or owe 100% of the capital gains?

Having an end number/goal in mind will better help you know the next step. 

However, finding a mentor or a partner with experience could be a great first step to help guide you through your first deal and identify the right market for you. 

If I purchase properties under my name what steps can I take (other than an LLC) to reduce risk to my personal property excluding the rental itself?

This step involves casting a wide net to gather a diverse pool of potential sponsors.

The first part of Mold remediating is stopping the moisture issue  until you figure out that part don't bother with step 2 . 

I’m excited for you as you take this step into real estate investing!