You can ask piliminary questions to see if an applicant is worth your time too if you don't want applicants always filling out an application before a tour. 

If you have scorable US credit, you'll get better terms.

They batch the deposits together and you have to go deep into the program to determine which tenant made the payment, that was deposited into your account.

If indeed a loss is taken on this which it sounds like is a fair possibility then if the agent was representing you the agents E and O will/could kick in and that's where you might get some financial relief.

I think you’re under a misconception that’s leading you to think you have options you don’t…You say it’s worth $1.1M and you’d net $500k.

The seller offered financing with 20% down, which I used to buy the place.After starting construction and realizing it was going to cost more than expected, I approached a small local bank that knew the property and would offer the rehab financing. 

Additionally, your brother would inherit your cost basis in the property, which could result in significant capital gains tax if he sells the property later.

Which city/jurisdiction are you in? 

Account ClosedAdding your property manager as "additional insured" is standard practice and beneficial for you.

Improving units to achieve re-pricing which changes revenue and thus property value.