This is tricky because instead of talking with your tenants about their performance as tenants( pay on time, maintain the property, in good condition,ect) you are inquiring about their parenting or lack there of.

Have two houses purchased, one for my parents to live in (will not be making much money on this one yet) and just purchased our second, this one will be the first official BRRR.

Currently working through a live-in first-floor renovation at my parents’ house, and we’re finally nearing the end of the rough-in stage.

. :-)What I’d like is some ideas that parents can use and I guess younger people can use as well.

Currently I am still with my parents. 

However, this also means multiple bank accounts, tax filings, and admin work, which can be a headache.If you go that route, some investors use a holding company (often a parent LLC or even a trust) that owns all the separate LLCs.

Are there any strategic moves that our parent and us should consider now before the SDIRA is inherited?

Additionally, buildings typically have a younger demographic whose parents reach out on behalf of their children, so most of my time was spent managing the parents of the tenants versus the actual tenants.

So if your parents paid $40,000 for the property and today it's worth $500,000....your basis "value" in the property will be their 40,000. 

Considering that my parents and I are not Canadian citizens it adds an additional wrinkle to things as they or I are not able to claim this as the primary residence and avoid the capitol gains tax... a lot to consider and think about.