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.

Certain arrangements will result in prohibited transactions.The rule's main purpose is to increase the number of fiduciaries by broadening the term “investment advice.”

They have mentioned setting up a trust to facilitate that, but have also said that they are open to other arrangements that would make better use of the property. 

I've heard it may work better to hire a lawyer to arrange financing, than fly back myself (target area still undecided, leaning towards OH or IN). 

There are a lot of examples online for partner arrangements for you to research.