If you want to own bankable real estate that will truly improve your overall financial situation the boring approach of working hard, saving as much as possible, having the foundation of a solid career and investing slowly and wisely succeeds much more often than rushing in too quickly and taking shortcuts.  

Either way, it's wise to use that equity, capitalize on historically low interest rates and put your money to work.

Seems like a wise decision.

Monitor your score and if you've got credit cards/student loans/etc. pay things on time.A few months in advance speak with lenders about pre-approval.Also, if possible, whether through an investor who buys often or through a contractor or RE inspector, do some property walkthroughs and you'll quickly learn what to look out for repair-wise when viewing a property.

To see if it's a wise decision to loan him the money. 

Jacksonville is the biggest city in the US, land wise, so even my sister who has lived there all of her adult life (20 years now) does not know all of the areas.

@Shafi NossIt's very wise when possible to arrange financing.

Most of the time it's wise to do so, except in the cases where the flood zone maps are drawn incorrectly.

I do think it would be wise however to make sure you have credit lines available for future use If necessary.

After running your numbers:1: What are you realistically looking for in terms of profits (% wise or hard number)?