And it can work really well for you as long as you pay attention to the statute requirements.In order to defer all tax you are selling investment real estate and buying investment real estate of at least the same value you sold. 

I wanted to be able to help educate people, especially the underserved community, about real estate, whether buying, selling, and assisting with the process of foreclosures and short sales.

Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

Simply put, we start off with the As Repaired/Completed Value (ARV), then subtract from that number a reasonable profit, the rehab cost (scope of work), which we've gotten good at, a contingency reserve for any "unexpecteds", our cost of capital/carrying costs (interest and costs of the leverage used), and our costs/fees on the buy and sell sides of a flip.

Keep in mind that I am selling them as affordable fixer uppers and usually only address any health, safety, and functionality issues.

My question is: when wholesaling, after finding a great deal, do you need real proof of funds to the get the property under contact or is there a way to get it under contract, find a buyer and complete a double closing/assign the right to sell without actually having the cash for the property? 

Additionally, your brother would inherit your cost basis in the property, which could result in significant capital gains tax if he sells the property later.

Better play it safe and use a warranty deed instead.Also, later on when you sell your property, it will keep the chain of title cleaner for the next title insurance.Last but not least, a warranty deed does not cost more than a quit claim deed...

If you cash flow $1K per month for 36 months, and then sell with the ability to pull back your original investment, would you consider that a win?

It is not uncommon - main reason we see right now is over inflated original ARVs and now borrowers cannot sell and pay off the lender.