Keep in mind this is before all financing fees if I go the financing route or if acquired with private money profits can be split pretty generously.Comps in the area also match up with this sales price.Let me know if I am missing something here.

Offer to make improvements and manage it as your end in the partnership with your parents, splitting any profits when you sell. 

Split them between 2 or 3 PM's and see who suits your needs best.

The seller pays a listing commission and usually splits that with the buyer's agent.

However I believe he made a huge mistake, but wanted to know for sure before I bring it to his attention tomorrow.He appraised it as a split level with a finished basement and listed the foundation as partial basement, so of course the basement is not considered living space.

We used to split it when 50/50 when he lived in the condo.2) How should the rent be reported since I collect the rent but it is use to pay my brother's half of the mortgage? 

I'm not sure where i'll end up in Canada, as it will depend on the job I get, but I've considered buying a duplex or split house and doing the typical live in while renting out.   

@Adam ByrneWhat about using private money to fund a flip to a retail end buyer and splitting the profit on the back end?

Should I list it as an asset on 1 property on Schedule E, or is there a way to split it up between my active properties.

My why: financially free so that I can split my year into 3 four month periods (4 months with extended family, 4 months in nature doing conservation work, 4 months working on philanthropic projects with NGOs [I live in Ethiopia right now and have access to many such projects]).