"Find a motivated seller, sign a contract to purchase the property, assign the contract to an end-buyer for $10k."

@Daryl Jarrett When a noteholder sells a loan, he gives the buyer an endorsement to the note or an allonge and an Assignment of Mortgage, which gets recorded.

Brother has provided bank statements and he has been generating the average income he claims the past 3 months (Feb-Apr).

Make sure you do have the leases assigned to you upon closing though from the seller.  

Reggie,To clarify some of your statements, a portfolio loan can also have a cash-out option. 

I totally agree with your statement.

You have pay stubs from your employer, you put it in the bank, you can print bank statements, and everything more or less makes sense.   

Great, have your docs ready.Purchase HUD, hazard insurance, lease agreement & personal finance statement. 

A 'Statement A' for QBI deductions is attached.Unfortunately, the H&R Block Premium software I am using asks all this, and then it tends me to talk to a tax pro after I say that my Statement A QBI deductions has info in multiple columns.

Try to connect with other wholesalers in your state to ask questions.Another idea is to try to do joint venture flipping on deals that you find so you can learn and split the profits with another flipper, rather than assigning the deals to flippers.Hope that helps!