How will this affect myself and my siblin regarding the IRS in terms of gift of equity, etc.I have spoke with a couple lenders that really can't think outside the box, and don't know how to answer these questions.

^^^Biggest driver of wealth in real estate is the long-term appreciation, especially in Denver.

This house currently has no renter though they are actively looking to put one in the home.House 5. rents for $725/m the loan will cost me $13,000 as a down payment and $6,000 closing costs, and should cash flow approx $275/m after mortgage payment are made.House 6. rents for $725/m the loan will cost me $14,000 as a down payment and $6,000 closing costs, and should cash flow approx $250/m after mortgage payment are made.To be able to make this down payment I have the option to:HELOC my current home which cost me about $850/m in repayments OR I can find a hard money lender who would be interested in working with me, I am currently putting together a hard money lender proposal to show a couple family members that would basically look like this: No repayment in the first 12 months, all income going into an account to allow for repairs and emergencies, after that taking the cash flow and splitting it 75/25 to the lender paying it off in approximately 13 years, sooner if we can make extra payments on it and giving the lender an 8% return on his money(about .5% less than what I was quoted for my HELOC).ORI can potentially do a deal with my brother who is also looking to get into real estate and we split the properties 3 a piece.These properties are right outside of a military base in a low income city but have done well for the family currently owning them with consistent long term renters in them.I am looking for any advice as to whether or not this is a deal worth pursuing.

That's not smart.As far as the potential of missing a great deal, that's short term thinking. 

All adults are named on the lease and sign the lease, agreeing to the terms and conditions.

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

Is there any areas in FL that seem like they could be great opportunities for long term holds?

The simple answer is that you can hire a property manager to ensure that your experience is passive and you remove the personal interractions with your tenants. 

Leverage tends to adds risk, I always recommend having the worst case backed up by, long term job prospects, other liquid assets to cover losses, an/or the ability to take measured risk more than once to even out uncertainty.The richest individuals use leverage to their advantage all the time, but it should be used with care.Zach

If you are overpaying, then you could be hamstringing yourself in the short-term, but should be fine in the long-term as long as you can hang with the insurance costs.Failure is a mindset and it seems you are having a weird bout of FOMO.