I would keep detailed records of my deals to include photos that I could use later when I am approaching a potential funding partner.

Far more costly to transfer property at a later point than simply purchase in an LLC on day one.

The mortgage payment still has not changed 7 months later even though this was cancelled.

If they choose to stop paying rent later they are held accountable for that.

These things never seem to work out well 10 years later when you need them to sign stuff. 

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

Demand termination of the contract and transfer all documents, funds, keys, and anything else they have to you or the new PM no later than [DATE].

Additionally, your brother would inherit your cost basis in the property, which could result in significant capital gains tax if he sells the property later.

My first deal would be all cash, and if all goes well, maybe a year or two later another deal with some financing.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.