We would like to start building our portfolio with a long term rental, preferably a duplex, using a property manager.

Hi Dock,First thing you do is find a great property manager to guide you & partner with. 

Maybe, you can aim for a property with less of a down-payment and little equity used, should be easily manageable with the both of you.

Regardless of the current condition there is ample opportunity to stand out from existing rental competition with attractive styling, design, decor and pro active management. - Profitability & Consistency: Last but not least..prime Oregon Coast STR vacation rentals generally do very well financially.

My brother and I are just starting out our real estate investment path, and are looking for our first project. 

Lastly, I would try and manage yourself if the coa takes care of everything outside, this will allow you a cushion in case something goes wrong.

Eviction and early termination history are big, big warning and for many managers, an automatic no.

If I were to undertake a project like this, I would likely want to refinance into a mortgage with a longer term.  

People who say JV is bad do  not know how to structure  it and manage it and the exit strategy..

Another suggestion someone gave me was being the bank and act as a private lender at 8% to 12% interest - you would need to vet the investor and project carefully and financial transactions are done through a title company.