Bought a really cheap house, now I want to sell it. Taxes?

[Dakoda Spencer]

Hello BP, recently I picked up a really cheap property here in Ridgeley Wv, right across the river from Cumberland Md. I plan on selling it once I get it cleaned out, since I don't have the capital to get it in rent condition at the moment. My question has to do with taxes. I bought it from a private seller with cash. When I do sell it, how much will I have to pay in taxes? Should I try to hold it longer (I think than a year) to have it no longer considered short term capital gains? What would the tax rate be currently if I resold tomorrow?