TLDR version: if you switch to default tax settings, you'll be responsible for remitting ONLY the 1.75% county tax out of the payout.

Had a quick question.I purchased the property for $500K about 10 years agoI'm selling the property for $575K with the Fire DamageI received an insurance check of $380K for the fire damage.After Paying off the Mortgage + Escrow + Realtor Fee's, I'll be left with about $150K.My question is will I get taxed on this $150K?

Just ensure you’ve got a solid plan for reinvestment and aren’t rushing into the next deal too quickly.

@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.  

For quick math I have a range of each between: 700/yr to 3% of gross income

Are you able to reduce your expenses quickly and easily if needed?

I'm okay with some assumptions being made in your responses.

Quote from @Ryan Ruppert: I appreciate the quick reply.Do you happen to know if Wordpress or Squarespace has not only direct Booking but direct Billing as well?

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

Strategic negotiations secured the property at $170,000, positioning us for a quick and lucrative resale in a thriving market.