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Yes, to the extent that it does not contravene any other laws that you may or may not be aware of. It would not hurt but you'll need one to look after your interests and your brother needs one to look after his. One solicitor cannot look after you both IMO. It really depends on how you all get...

happy, whenever we have done internal family things we normally discuss it and make sure we all understand each other's positions. If that works out then we go thru all the possibilities: what if I die, what if he dies, what if I can't repay, what if he wants out, what if we want to bring in...

Good :) OK a JV - fine. But you may be better off just paying your brother interest on his loan to you or working out some kind of 'shared equity' scheme like some bank loans (used to) have. Then it WILL NOT be an IP.;) Yes absolutely, otherwise it will end in tears. You both need an exit...