Quote from @Mark S.: Have you done any detailed research on land availability near Sedona, regulatory issues, builders for the type of property you are contemplating, conservative revenue forecasts based on actual comps, cost of a support network (cleaners, maintenance, etc), cost of utilities?

Two people own a piece of property and are wanting to do something with it - That's a partnership no matter how you slice it.2.

By parking your profits in these designated areas, you can delay and maybe even shave off some  capital gains taxes.

Maybe you could bring in a partner on this deal for a piece of the action. 

My brother and I would like to be co-owners to the new property but our contribution to the purchase of the new home is by way of investment loan, so let's say my parent's home sells for 500k and they want to go in on a $1M piece of property.

It shows how difficult it is for one to make blanket statements about an entire city, and for the investor why it is difficult to take individual pieces of advice, void of context. 

Be sure to talk with your guys the expectations for "clean up" as ours was still caked in layers of dirt, but the guys swept up the broken floor and pieces. 

Another piece is setting up group showings or walking properties.

Getting creative about using your primary as a chess piece for your investment journey is just fun and probably the best way to hit the fast forward button on your investment journey (so long as your reserves and marriage are strong enough to handle it).

Based on @Mya Toohey reply, I have a feeling going after a person's home in Florida is no piece of cake.