Didn't read a question there, but no I don't know.

By working for a larger corporation you are gaining an unfair advantage, by letting them train and develop you (while you are getting paid) and you do real estate on the side.This idea is not from me, read RichDad. 

If I read that right it seems like you can only utilize any savings if you have a loss but I might be missing something in translation here.

Read Averys book and past posts in this forum.

I did not read anything other than your title and my answer was YES.

If I read the story correctly, your client did not report rental income.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The calculation involves:Selling Price: $1,075,000Original Purchase Price: $355,000Depreciation Recapture: $105,300 (taxed at 25%)Capital Gains: Sale price minus original cost, minus depreciation, minus selling costs (~15-20% federal capital gains rate for their income bracket).State Taxes: Since the property is in California, state capital gains taxes will also apply.Given the multiple layers, I’d highly recommend your parents work with both a CPA experienced in real estate and a qualified intermediary for the 1031 if they choose that route.If you need recommendations for professionals in Illinois or California, feel free to ask!

Go back and read again.

I recently read in Forbes that investing near growing transit hubs can offer great appreciation potential.