My thinking is that there is room to raise rents, perhaps screen for better tenants that take care of the place and decrease the maintenance cost and get the NOI up above $100k/yr.I would appreciate any advise that anybody has to offer whether its something I am overlooking, something I should look more into or what your thoughts are regarding moving forward with this deal or not.

What are something things my brother and I should be careful of in starting out this way?

Assuming larger capex and maintenance costs.I have access to hard money cash for a purchase and renovation of the property—about $196k of an outlay.  

Leave enough room for all of those incidentals/ unforeseen issues to be taken care of in your calculations. 

They really don't care.

For the 2% less 'return' I'd rather have liquidity and the ability to take advantage of an opportunity, and I've paid off a bunch of mortgages as I pointed out earlier. 

I'd bet all my holdingS you are being contacted by 👦 who have I'll intent. no serious investor is going to reach out to an unknown in face 📖 Care to share your fb link. 

I'm relocating to Boston now which as far as I know is not more of an affordable market than LA but will see what I can find!

I would suggest going to the free meet ups with investors who actually care about teaching others and working together, not about selling a program.

If you cant get in a property then I would express to the bank you inability to make an accurate offer.. most likely they wont care, but worth trying.