He along with 2 siblings were losing money each month and it had no mortgage! 

What I found very interesting though was that the restrictions did not apply to my siblings, which, allows me to use my sister (who is a real estate agent in another state - Houston, TX) to buy and help manage properties for me in her area. 

I'm a single mom who grew up in a family of RE agents (parents, grandparents, siblings).

I purchase single family, multi-family, and commercial properties through a syndication setup with my siblings.

Say the owner of the property has no children, no living parents, no living siblings.  

Here's how it went,He told me him and 2 other siblings got the house from inheritance.

You get involved in the flavors between fighting siblings in the deal, while you might get a property, your value of the deal might be eaten up by all the hair pulling and frustrations suffered.

As her brother, she can (in most cases) invest with you while keeping the money inside her IRA.I wouldn't say it like that, but its true that siblings are not disqualified parties.

There are no special issues to renting to family members, it's usually a bad idea, but in this case, not an issue.I do see potential issues with siblings and tapping into dad's money for rents.Another issues is with medicare entitlements if he qualifies for assistance, you'll need to prove fair market rents arising from his assets and expenses. :)

My siblings and I are talking about doing this business venture together.