What is the best way to structure the partnership?

If you claim 60% in 2024, and the bonus rate increases in later years, you cannot retroactively claim the remaining 40%.

Unfortunately, Covid decided to change my plans, and I made the decision to hold off, in hindsight it was a huge mistake and no one could have imagined that property values could have increased at such a high rate.

Now, seems like a simple task- take the old door off and put a new door on.

This would likely take coordination with a tenant at some point - (ie - plenty of notice to them that they must vacate in order for you to sell the property)Since your current home is free and clear -  you could do a cash out refi or take out a new mortgage on the new house to be able to buy your paren't house and pay off the mortgage.  

They'd be much better off being a Hard Money Lender and make 5 times that (and every repair to their "investment house" is paid by them...So, if you put $10k down on a property and make $150/month net cash flow your Coc Return (annualized) is 18% which is Very Good.If you followed that and understand it then keep looking for a deal.

It will be easier once you have a good team in place and know the ropes

I think you would be wise to sell and use the VA loan for your new home. 

Why Part of a Good Deal is Better Than 100% of No DealHey BiggerPockets Community,As real estate investors, we all want the perfect deal—the one where we control everything, make the most money, and have the best terms.

Hey @Isaiah Cortez, here are the deets on STRs via the city - https://www.fortlauderdale.gov/government/departments-a-h/de...I don't have any real insights on the area, but do a search and you will find some details.