Outside of real estate, I enjoy listening to and making music, going to the movies, traveling, and cruises. 

Haven't found much resources on how to structure the deal whether to buy out partner's shares at existing basis (I believe this wouldn't be advantageous as I wouldn't get to mark the asset to market and lose out on depreciation) or open new LLC or S-Corp and buy out both partners (I would end up taking gain tax due to sale but would get new dep. basis).

I know in tennesse there are 300k houses paying like 600 bucks a year in property taxes.  

When you choice who is going to service your loan what are you looking for?

I am looking to JV with my brother where I will do the real estate investing (finding deals, property management, etc.) and my brother will fund it from his business account. 

I'm looking to expand into RE and couldn't be more excited.

Usually creating a llc has net zero or an increase in overall taxes paid, so I don't know what benefit you are imagining from creating one.

He asked if he could get out of lease, I was a bit furious and told him he would have to find a way to stay 2-3 months, so I would have time to figure this all out and start the new tenant process again.

Any advice on how best to accomplish this task?

It all comes down to timing.