@Melanie PendreyIs the LLC a SMLLC disregarded for federal income tax purposes?

Since the LLC is a single member, and the trust is a grantor trust, the structure is considered disregarded for federal purposes, meaning how it has been reported on your federal taxes will remain unchanged.

Then come tax time I completely disregard that portion of my expenses which would have me subtracting all of those payments replacing them with the interest paid over the course of the year, the insurance that was paid over the year (seems to be in monthly disbursements), and the taxes that were paid for the year?

Also, if an LLC with disregarded entity status, you don't actually pay yourself w-2 wages.

An LLC can be a single member disregarded LLC- in which case you're prohibited from taking formal payroll via a w2.

@Tom SmallYou should consult a tax professional to examine both you and your brother's facts, circumstances and goals.That said, it's generally not advisable to put appreciating assets like real estate into any kind of corporate tax entity, C or S.An LLC that's disregarded or taxed as a partnership is a much more friendly tax entity.It appears the land was never put into the corporation, which might be fortuitous for you. 

I am still working on due diligence; should I just disregard the assessor information and make offer based on comps.

You literally are NOT allowed to pay yourself a w2 salary in a partnership or disregarded LLC.  

A single member LLC is a disregarded entity as far as the IRS is concerned.

For single member sole proprietorship LLCs, the LLC is seen by the IRS as a disregarded entity and also a pass-through entity.