Typically property appraisers tax a property  at 15 to 20% below market value specifically to avoid people protesting their taxes.  

If both types of income are mixed in a single entity, the IRS may classify all the income as active, potentially subjecting your rental income to self-employment tax as well.To minimize self-employment taxes, it is important to keep active (flipping) and passive (rental) income streams in separate entities.

I pay a yearly tax on property in January each year according to the appraised value.I have a few questions.What other taxes do I need to pay in Texas and on the Federal level (US Federal income tax) as a Foreign entity Trust?

Your gain could actually be higher.With your W2 being at 100k yr/ you'd be in the 15% tax bracket + Michigan state tax. 

Holding on to the asset for at least 12 months will make a difference, as it will be taxed using the long-term capital gain tax as opposed to the short-term or regular tax rate.

If it was your primary residence for two of the last five years, you will owe no capital gains tax. 

Quote from @Chris Wade: In 2016, there were two Chief Counsel Rulings by the Franchise Tax Board where they declared, at least in some instances, that business trusts like a Wyoming Statutory Trust, are not considered "corporations" and would therefore not be subject to the minimum franchise tax as defined in CA Rev & Tax Code § 23153.

Once the Management LLC collects those fees, transferring funds to the Parent LLC typically does not trigger additional tax, as long as all entities are disregarded and owned by the same individual.

There should be an attorney with tax as well as contract/biz law who can properly advise on this. 

If all your incomes are Passive Income, you do not need to pay any self-employment Tax as a single member LLC.