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.

If one spouse stopped W2 work in October and qualifies for REPS, the depreciation becomes non-passive and can offset your $700K income, saving you significant taxes.

Another option is investing in real estate through partnerships or fractional ownership, focusing on properties that yield cash flow or appreciation potential.For long-term growth, consider diversifying into assets such as private equity, tax liens, or even certain types of real estate that offer both capital appreciation and income potential over time.

I also suspect inflation will drive continued migration to lower cost of living / lower tax states.  

@Chris Seveney, do you pay self-employment taxes on your interest income from money you have in savings that is also taxed as ordinary income?

I have a followup question - I will realize a lot of capital gain from this home in Idaho, so I think unless I purchase a new primary residence I will have to pay that capital gains tax. 

It’s definitely smart to evaluate the tax and cost implications of your funding options.

To transition to multi-family properties, research landlord-friendly states like Texas, Florida, Tennessee, and Indiana with favorable eviction laws, lower taxes, and higher rental demand.

Thanks for readingDavid $250,000 tax-free?

- The property is probably NOT as profitable as you think it is.More reality for you - how are you going to cashflow enough from leveraged rentals to replace your current income?