It does qualify for partnership treatment, however you indicated that you are deducting the mortgage, PMI, taxes and insurance which would not be allowed because this property is not in the name of or held liable by the partnership.
Since the property is in the name of your brother, then you should seek legal council to add both names to the property. Only the legal entity that is liable for the debt can deduct the expenses for the purchase of the property for business use. Also, the partnership agreement should be reviewed to be sure it is sufficient for your needs.
Secondly, mortgage payments are not deductible. The cost of the property, including purchase expense and/or capital improvements is a depreciable asset, meaning you deduct a portion of this cost each year. This is only allowed by the person or company that owns the property, has title or deed and is liable for the debt.
You can report the income and general expenses such as advertising, or contract labor for maintenance (not including any capital improvement cost to the building itself).
Please update for further clarification.
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