@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

To minimize taxes, consider the following strategies:1031 Exchange Before Dissolution – The corporation could complete a like-kind exchange, allowing investors to roll their ownership into individual properties while deferring capital gains tax.

The premiums are made with after-tax dollars and the cash value in the policy he grows tax-free And can be access tax-free. 

STRs have a huge earning potential but it's definitely something that takes a lot of time, patience, and effort these days.

I do like the tax benefits and leverage.

You are converting their tax free gain in to a taxable gain.

My understanding is that you can sell assets and defer capital gaines taxes in an opportunity zone until the property is sold.

On Airbnb, despite earning Guest Favorite status, I am still striving to achieve Superhost status.

Keeping the Vancouver property could provide strong rental income, long-term appreciation, and diversification, but it also comes with tax implications, foreign ownership rules, and management challenges.