I was an ME major in college as well.

Majority of the foreclosed homes were due to baby boomer passing away and their kids won't pay for the mortgage.

We have had 3 parcels of land (small country town) plus the mobile home rental and had to sell all of it do to personal reasons and major home repairs on our own home.

I work as a sales manager for a major telecommunication company which supplies me with a steady income. 

Once you determine the current condition and life expectancy of all major components and appliances you can adjust the CapEx reserves requirement.What are you including in the $200 Misc?  

Well typically you'd want to get a lawyer involved to draw up a contract, since he's your brother I'm not sure if that's what you want to do but regardless you need to agree on the terms of the business relationship beforehand to prevent any disagreements and disputes:1) Who makes major decisions (ie renovations, evictions, selecting tenants, etc.).

Even if it was legal you run several risks.  1) You would permanently damage your reputation in an industry where reputation is vital to get deals.   2) You risk major tax implications related to large capital gains.  3) Comps are not solely based on on the units you want them to be based on.  4) Even if this hypothetical plan worked exactly as you laid out you would be extremely over leveraged and underwater on the other units as you pulled out falsely inflated equity. 

@Caleb HeimsothUsed to date a Wiccan art major who wore a cape in college.

@Jessica WoodIf it's a standard ten-buck doorknob made by Defiant or Kwikset or Schlage or pretty much any other major American manufacturer, there's a very simple solution if you ever really do need entry, if there ever really IS an emergency.

Everything looks like its in great shape, all 4 units are rented  (I believe too low currently) and the only major thing is the kitchens of all 4 units are old.