We've only had one discussion so far but both of us agreed to circle back in a couple of weeks after doing some research so that we could have more serious talks so I'm trying to prepare for that talk. 

I am new to this business and am confused as to how to best prepare for taxes on the profits from this and future sales.

Ideally this will help us prepare for when we find the deal, so that we can go right to the HML and close the deal quickly without any newbie overlooks.I'm looking for a good HML recommendation that is willing to work with a solid first time home rehabber with experienced mentors backing us every step of the way.

To answer your final question, there aren't really any tricks to it, just be overly prepared.

But it may come to that, so be prepared.

It's well worth your money and will help prepare you for longevity in your investment career. 

It is good news, gives you time to prepare to find new tenants.

I am yet to get out and drive through neighborhoods but have recently made an effort to be prepared to track this information.

At very least, if you are not prepared to evict, you probably shouldn't be managing your brother yourself.

I ran those numbers based on my worst case assumptions: Paying full asking price, preparing for unexpected initial repairs, maintaining current rent, and just guessing at the insurance.I believe I could potentially the increase the ROI by increasing rent to 1100/mo, not needing the initial 5k in repairs, and acquire for less.