Do you have an experienced rehab team? 

Quote from @Robert Bell: Memphis has had a favorable rent to price ratio for a long time. 

It's important to network in order to orchestrate a team for flips.

They were referrals and the business started to grow simply because I had a competent team that was responsive and looked out for the owners' best interests.

And your team would be local.    11.  

With your brother’s $50K equity already in the property, this should make the loan-to-value ratio favorable for refinancing.HELOC monthly payment on $68K: ~$300 (depends on your rate and term).Lease payment from brother: $800/month.Future mortgage (refinance $68K over 30 years at 6%): ~$400/month

Some rehab lenders have favorable refinancing programs to convert the rehab loan to permanent 30 year financing.

Cashflow, ability to build a team, landlord tenant laws, price to rent ratio etc.......were all factors in the decision making process almost a decade ago.Now,  I wonder why your approach is an either or view? 

Have you established a team yet?  

They are asking for 28% capital call proportional to investment amount. primary purpose of capital call to survive high interest rates for next 1 year and hoping interest rates gets favorable by then.