In hindsight, I could have made the leap after 5 years just as easily.

With central heat and air $1200-$1250 should be easily done.The current owner is interested in seller financing the deal or atleast part of it.I feel as though I'll have close to 70k in at after all repairs and updates.  

An escrow company should be able to easily do this for you.

Your brother can just as easily contribute cash into the LLC you form and then you can be off the the races - just not fix n flipping if you want to do 1031s.

I can easily do more than %3.5 I just figured the less capital I put up the high rate of returns I will receive.

I have a property that i am interested in and have investors that would qualify easily. would someone tell me the elements ofputting together a financial package to present to a lender?

And/or if I felt I should or need to, I could adjust the rent upwards.These units rent easily at $400/mo and can rent for $450, so making it $433 to factor in that free month would be very reasonable.

If I did not live in the house and rented the whole property I could easily get $1,500 but given I have the most updated place by far I could likely get a bit more.I currently charge both of them $300/mo+Utilities(Electric, Water, and Cable) the typical payment to me comes to $420/mo each which pays for my total mortgage payment.

At least you could create forms to more easily enter data.

If the property is still valued at $100,000 then you have a loan to value ratio of 62% which will easily allow you to refinance without having to pay more.