And I'd have to find other IRS write-offs to cover the annual rental profits.Some complicating variables to note: Since it's a beach house, the value has spiked far faster than the estimated worth of the other homes, a reality that surely will continue, since the coastline is shrinking, not growing.

Don't over complicate things by looking for anything fancy.

Now you may run into complications if you need to rehab the properties and want a refi because you probably need them to be rentable.

Since he owns it free and clear it might not be that complicated.

It isn't a complicated business.  

@Matthew ShayA little more complicated than you probably want.1.

Currently I use excel and have a list of items that are included but things are getting complicated. 

If your brother were on the same page then it could be great, but no sense investing long-distance and then further complicating it by adding in family with competing demands.

Gets more complicated for junior liens.

Matter of fact, creating an LLC and attempting to buy as an LLC might complicate buying investment properties, especially your first property.