I am interested in wholesaling, I am at the very beginner stage.

That seems excessive.

We are in the very late stages of executing a lot split through the city. 

I have a couple of concerns: late-stages of a cycle, (like what I think is being described here,) can last a long time...years. 

My brother and I are at the beginning stages of looking into potentially a FHA 203k loan for a long term investment property that my brother will live in for a while.

I'd avoid sophisticated/complicated and expensive structures at this stage, especially if the only reason you need a partner is because you're both undercapitalized. 

I am 85% completion on my first property (2 doors) and have two more in the permit stages.

I’m still in the early stages of my career and investing, but I’m very exciting for the opportunities in real estate and hope you’re able to find your place to get your “foot in the door”!

Also, if my PALs release is in excess of my income (say $200k in PALs and $110k income), does excess carry over to the next year?

I am still in the saving and learning stage and trying to soak up as much knowledge as possible.