Even if you think it is worth another $xxx -- if no one rents units in that neighborhood for that additional price, it is going to take you much longer to fill your vacancy so it could mean another 3 months empty with no income.

Interest income is treated the same as rent income for example.One other tip, we make sure to keep the MMA account balances at $250,000 or below to maintain FDIC insurance limits. 

Airbnb, VRBO, Booking.com, etc), sophisticated rate management and paying all state and local hotel taxes.

While there are returns and security in substantial positive cashflow, you also get returns through appreciation, tax deductions, and loan paydown.

Your sibling can either take the cash for their 30% or they could do a 1031 of their own.If you and your wife file a married joint tax return then the IRS sees you as the same taxpayer. 

Do you get the value of it back if you sell or does it increase the potential rental income?

If ordinary income, in NC that will be a tax rate of about 43% between federal and state taxes.

I wanted somewhere close to Nor Cal but much more friendly tenant/landlord laws, 4th lowest property taxes in the Nation, rent growth, job growth, population growth, strong appreciation, limited land, close to Lake Tahoe, etc. 

- Do I need a different insurance than the residential income property insurance?

It’s a bit of a learning curve, but can be worth it for the potential benefits.As always, chat with a tax professional to make sure you’re on the right track and taking full advantage of the benefits.