I have a property management rental/sales company and a couple separate LLC's for personal real estate holdings. 

I just finished out my first year in REI with two units cash flowing and a purchase of a flip house that has yet to be started.

Especially in FL your primary is your bedrock, anchor, safety net and basically untouchable except for foreclosure - just as OJ and Burt Reynolds and a few others can attest to. 

For most people the ascent with be a gradual one and as you gain experience you will also gain momentum but like anything else you have to become a good manager of your business and need to make wise decision.

Fannie Mae Homestyle requires the repairs be done within 12 months and will have less restrictions than the 203k but you need to remember that the lender is securing your loan against the asset (this being your home) and as the note holder they want the work done to secure there interest in the collateral. 

We have indentified management as a huge opportunity and a reason for its lower than market-rate valuation.

I make decent money ($70K per year) and I have two properties right now, my primary residence and a rental property.

It also reinforced my thoughts that a clean sweep sale and a 1031 into better performance would be a good plan. 

HI @Will Kirkendoll, Definitely have the current tenant sign a new lease, and as Brian mentioned have them do a rental application as well.  

You should already have a lawyer and a contract drawn up with your brothers.