How do I determine whats the best use of this property and my capital already tied up in it?

If you're working with an agent here, they can help you determine the tax rates - they vary block by block. 

You’ll likely want to connect with a mortgage lender to determine what you’re pre-approved for first.

For example, if casualty damages or destroys an office building and its landscaping, the properties are taken into account separately to determine the casualty loss or conversion gain attributable to each.3.

That will help you determine how much time they invest on real estate working.

Sounds like the first step is really to determine BFE with an Elevation Certificate, figure out LAG, and see if there's a chance to get the LOMA.

@Justin Waller The IRS has a "facts and circumstances" test to determine what is your main home.

We have our specific criteria and know how to analyze deals to determine if they work for our goals. 

An experienced property management company Management of your property will determine the viability of leasing property in Arizona.

The price you way is very important  and will determine the type of returns you will have.