This seems to be a decent arrangement for the time being due to its low cost but I would not be taking on 400k+ debt to try and turn over rooms in a dorm-style house. 

Each one is just a pay-per-booking arrangement and they all sync each other's calendars, so it's easy to set and forget.

Louis area... including one I arrange for the last Thursday of every month!

Arturo Borges assuming your doing a single asset LLC and not blind pool arrangement.

I like those kind of arrangements. 

Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.

Are there any verbal agreements or arrangements between the current Landlord and Tenant?

Arrange for police presence on that 30th day so if your brother chooses to be violent or vendictive, you have police there.It will be tempting to take it back, or give him money for his new place, or help him with whatever sob story he comes to you with during that 30 days (and he will come to you with MANY sob stories of how YOU are holding HIM down because you won't give him the money he needs etc. 

As in - was there a partnership arrangement or a lending arrangement.Capital gain only applies to rental properties or properties held for appreciation.Opportunities for tax savings may or may not be there.

In this case hopefully you would have memorialized the economic arrangement between yourself and your partner with a TIC agreement.When multiple taxpayers each have a TIC interest in a property, each reports on their respective tax returns their pro rata (i.e., proportionate) share of the property's revenue and expenses depending on their percentage ownership of the property.If your economic arrangement between yourself and your partner is more complicated than the mere sharing of revenue and expenses based on your interest in the property such that your shared activities rise to the level of engaging in business together, then you may have a partnership for income tax purposes and would be required to file Form 1065 and related state filings, if applicable.Among other things, maintaining proper property books and records is essential to maintaining TIC status before the IRS.