Since you haven't started the project yet, use this time to network with lenders to see who offers the best terms....seasoning, rate, leverage and pre-payment penalty terms. 

Management from afar seems like it could be challenging.

That's a steal, if you were going through me we'd be at 75-100k for this huge project.

Consider managing remotely you'll have to be willing to travel 3 hours when needed or find a way to handle it virtually.

Even if a title company were to manage the setup making sure all parties are paid, the cheap debt and cash flow would not be enough to be enticing to any investor even if midterm rental could yield a healthy return. 

I would focus on a strategy and you and your brother like (Do you want day to day management of a house flip?

Permitted or not, you want 100% assurance the property is within building code standards for the year it was built, and for any upgrades/ changes - the years those upgrades were made; ie GFICs in wet areas currently, but not required in original construction back in 1950 when they didn't exist.sorry for not replying earlier, I'm rarely on this platformbest of luck on the project

I'm born and raised in Houston and now work with a full service long-term rental management managing over 300 doors - all SF or MU (up to 4 unit).

I am a voice of common sense and help them come up with the best way to manage STRs.

Quote from @Obed Calixte: There are a ton of free tenant applications online and through property management software companies such as turbotenant, rentspree, zillow etc.You will want your application to meet any state specific guidelines (if applicable).