Secondly I just finished "Real Estate by the Numbers" also by Dave Meyer - even though I have a business degree and am actively involved in investing it was a really great refresher on not just the numbers and theories involved in real estate decisions but also the pros and cons of different return metrics and how all the metrics relate to one another. 

Assets identified in this study include:Appliances: Dishwashers, laundry machines and refrigeratorsElectrical and communication systems: Specialized equipmentCabinetry, Countertops and shelvingInterior Finishes: Laminate flooring, carpet, and decorative elements.Security and communication systems: computer connections, alarm systems and telephone connections60.8% of the total depreciable basis was classified as 39-year class life.

They have skin in the game and put up large chunk of their own money, but what you do when your interest payments add up and crews you hire take their sweet time to finish the project?

Once finished it’ll be 100% equity.

And once I finish the due diligence, my work is done: it's completely passive.

I am trying to see if I should just try to find a cash buyer who wants to hold the property and I could either finish the work as part of the deal or offer it at a reduced price for them to finish...my other option is to try to do a cash-out refinance since we have done a significant amount of work, can I still get a semi accurate appraisal without the entire work being complete.

There's no need to waste anyone's time to finish reading a script.

@Ian Martin It's going to depend heavily on what the home can be licensed for, the finish of the home, and how many residents it can be licensed for.

Durable, low maintenance interior finishes.

Alternatively, he could hire a handyman, etc. to finish up what he was responsible for and he can pay them directly.Alternatively, since you both own it, you could take on 100% of the management and your brother pays you X% of the rent like a property manager.