I file jointly with my wife who's a w2 employee.

I would get an attorney or title company involved to create your loan documents to ensure they comply with the law and cover all the aspects you need.Another method that is likely your best bet to take on investors is to create a joint venture (JV).

The house is registered with my name and my younger brother’s name as joint tenant.

Exemptions to getting a 2nd FHA loan per HUD handbook are:-Job relocation 100 miles away or in another state-Increase in family size-Vacating a jointly owned home (ie - divorce or the like)

Any tips on managing joint ownership or deciding to hold or sell would be greatly appreciated. 

We create a new joint LLC for each investment, and each participant gets listed as an owner of the joint LLC. 

Here is a solid example you can adapt for a joint venture (there are differences, beyond just nomenclature, for a partnership and a joint venture): https://templatelab.com/joint-venture-agreement/Again, I would caution use of this document without a professional to review it.

There are some “hot button” topics on BP which bring out “knee jerk” reactions and sometimes incorrect assumptions from some of us long time and frequent participants.  

Why not joint venture with someone who has money, fix & flip itWhy not rent it out for at least the monthly carrying costs.Why not sell it on a lease option, get 10% cash up front to fund school? 

 Input needed for least tax methods of unwinding a family partnership in the next 13 years.
  a. General Partner is elderly father
b.  12 Limited partners - all children , spouses not included - cheaper by the do...