I guess the bottom line of my question is... current property tax a good way to determine the value of the property?

You will want to elect it to be tax as an S Corp.Finally, don't just call the banks.

Filling out the schedule C means that you will owe extra 15.3 % in a self-employment tax as the short term rental activity is no longer passive rental activity and you need to figure out if you meet the 7 material participation rules to figure out the passive nature of the involvement. 

There are base rates just for owning a home, but value doubling doesn't double actual tax. As

Being under the 250K price tag, there would be no capital gain tax as my brother lived in the property for 2 years within the last 5 years.

Then research the BRRRR strategy to hold these flips long-term, generate monthly cashflow and not only avoid capital gains tax, but enjoy the benefit of depreciation deductions offsetting your W2 income tax. As

I read another Watauga Democrat article a few months ago that stated 2020's third quarter (July-Sept.) provided the county with as much occupancy tax as entire years in the past.

I do not think I would be subject to capital gains tax as the profits won't exceed 250k and I was using this unit as my primary residence, however to your point the high rates and expensive prices do make me hesitate in wanting to purchase now vs waiting another year or so.

Since we waited until the end of the year and the original custodian didn't release funds quick enough, she officially converted to a Roth the first week of January, and will now pay the tax as married in a higher tax bracket :(.

However, the owner is open to creative financing options, expressing that he'd like to avoid as much capital gains tax as possible.