I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

Rule of thumb: I've been told "Never fall in love with a property".

If it's something as easy as adding a parking pad then I would say it usually can make sense.

Additionally, the replacement property must be real estate to qualify under IRS rules.

That's why I tell a lot of my clients that it's a perfect time to invest right now when you can still find the 1% rule and positive cash flow especially in properties here that are still 120-180k in purchase price.

California also has Proposition 19 rules to consider, which might impact property tax reassessments if the transfer is not between parent and child. 

I feel like they play by more subtle or more aggressive rules that I don't understand quite as easily as simpler markets like Denver and even places like San Francisco.

3️⃣ Local Regulations: Before you invest in a short-term rental, it's essential to understand the local rules and licensing requirements.

Any suggestions on what to update/populate in our "rules" section to help us make this clearer? 

If you’re heavily involved in the wholesaling world, this may be easy.