And I make it look like a purchase agreement with dates, how transaction will be completed, their info, and a place for them to sign and return to me.

The $1000/mo to the seller would not go toward the purchase price.The balance would be the 385-53-23-19=290K.I am a little hesitant to put so much cash up front with only a lease option agreement to assure the sale after the 9 months. 

I heard a guru teaching that you could get and option agreement with a seller and not pay any earnest money deposit.  

This includes A written estimate, a contractor agreement (get this from your LO), Contractor Profile with recommendations (get from LO), contractor license, Insurance coverage proof, and Lead Certification (get those 3 from the contractor).

If you do, you could take the 1/3 and split it between your brother and you based upon your partnership agreement.  

Also, I think we had a conversation about your purchase agreement. 

If you agree to give them extra time--say, until the 18th--then you and the tenant should sign a Forbearance Agreement.

It is possible that your sponsoring broker could already have an agreement with certain pm's.If an agent is the procures a qualified tenant that ultimately signs a lease, we split the tenant placement fee.  

Most of the investors are institutional investors, however, and they 'get' the loans in microseconds through parametric trading and agreements.

And really look at the rental record  and read the agreement very carefully.