Open escrow, do inspections / title work, get fire insurance.Close on the property, typically paying the remaining funds with cash or a loan.If you're buying through a realtor they will have contracts to use. 

Please refer to @Michael Plaks reply. 

My Chiropractor owns 9-10 units in a great neighborhoods that typically appreciate and have rents of 1200-1500 per unit; however, the buildings are 300-400k.

I doubt that would be an issue because while Chase has their problems, they don't typically hold a faulty foreclosure sale and then put an REO on the open market to sell, until its resolved.The one accurate statement is that yes, in terms of title issues, it could be anything, or, it could be nothing.If Chase owns it and has since 2015, chances are that they'll sell it when they are ready to sell it.

Typical apartments are around 40-45% so there is room for operational improvement.

Biggest con is that hard money lenders typically are expensive. 

Good reminder to double check references and always follow other due diligence steps.

I would make sure to have clear expectations in writing for both you and your brother to reference during the course of the project. 

Typically if you are new, you may want to go with a large firm taht offers excellent training, hand holding for the first few transactions, etc. 

We typically do 2-3 remodels a year.