I know it may sound common sense, but people do struggle with understanding that water follows gravity.

In response to your questions:Biggest q i still dont really understand is:- what happens if i refinance before 7yr term or sellAs you'll be the owner, you can refi or sell before the 7 years. 

If I understand the Act correctly, the regulation allow one spouse transfer loans to another spouse keeping the existing terms without the regular qualifying requirements.

This is a physical asset, not paper, and it's providing consistent income.Albeit for your not understanding tax laws and depreciation, I'm wondering why there's a question as to what you should keep.You understand capital gains, but I'm pretty sure you're not familiar with depreciation and loan paydown.

They also have a good understanding of different lenders' appetites, and thus can save time by filtering out lenders that won't be competitive. 

You will want to do your due diligence in all of these areas and understand what those differences are. 

When I've talked to clients who want to buy their future retirement home, I first understand what they want in their future home.One person I talked to estimated that a Las Vegas home costing $800,000 to $1,000,000 on a golf course would accommodate their planned future lifestyle.

My understanding is that if you've given the neighbor written notice of the need to maintain / remove the tree, if it falls it's considered an act of nature (high winds) and you have to deal with it.

@Shyam Sridharan if I understand correctly this is essentially the interior buildout of a new construction retail space?

In all seriousness, if this is the start of a budding STR business for you, your parents should understand.