Since the house was vacant until Feb I wouldn't have broken the minimum threshold requiring the Franchise Board Tax as they assess it quarterly and their quarter ended March 31st but I imagine that any issues will be investigated come this months statement...

With regard to tax, a land trust is a pass-through entity. 

I guess the bottom line of my question is... current property tax a good way to determine the value of the property?

You will want to elect it to be tax as an S Corp.Finally, don't just call the banks.

And would have to pay the gain tax as well as recapture of depreciation on the property.

Filling out the schedule C means that you will owe extra 15.3 % in a self-employment tax as the short term rental activity is no longer passive rental activity and you need to figure out if you meet the 7 material participation rules to figure out the passive nature of the involvement. 

At that point you would just pay the tax as you normally would. 

Being under the 250K price tag, there would be no capital gain tax as my brother lived in the property for 2 years within the last 5 years.

Then research the BRRRR strategy to hold these flips long-term, generate monthly cashflow and not only avoid capital gains tax, but enjoy the benefit of depreciation deductions offsetting your W2 income tax.

I read another Watauga Democrat article a few months ago that stated 2020's third quarter (July-Sept.) provided the county with as much occupancy tax as entire years in the past.