The city has high taxes and free lawyers available at the court house. 

For restaurants, rent should ideally be under 10% of gross sales, so I believe $5,500 a month is fair.The seller doesn't have a rent roll or strong financials, and his tax returns are 50% lower than his claims.

Luckily, we have our 2023 taxes prepared. 

Now, if he were to sell he would owe over 200K in taxes.

The revenue after expenses (including mortgage, taxes, airbnb fees, etc) was significantly higher than with long term renting. 

I am hoping for cash flow, equity, appreciation and tax benefits.

We are looking for ways to reduce taxes on the W2.

Another option is to tax high wealth or older individuals.  

I’d lose about $48k (mortgage, hoa, ins and prop taxes).

.* Talk to your tax professional and find out what your tax implications are from inheriting the property to buying out your brother and putting it in an LLC, etc. * Also find out if the property's tax assessment changes with any of the scenarios above.