And in any event it's going to create a taxable event for the DST anyway.

It's hard to change your taxes for 2021 since your actions have already resulted in taxable events.I wouldn't do any other deals with your parents. 

If they sold it, they have to pay capital gains tax on 150,000, or approximately 22,500-30,000 depending on their income level.If they wait until they both pass away, the new taxable value is based off of what the property was worth on their date of death.

(on the back of the envelop calcs)Say you sell for $350k less closing cost ~ 10% (-$35k) you end up with ~$160k in capital gains, which none of it is taxable assuming you have no more capital gains and lived in the house for at least 2 years of the last 5, or something like that (DONT TAKE MY WORD FOR IT).Now you can pay ALLLLLL of your debs (car, CC, personal loans, etc) and say you end up with $100k in cash, use it to buy a multifamily (duplex) cash for say ~ $80k with $20k in repairs (lowers your Cap-ex) and rent for ~$1000 per door which is $2k minus $1,000 for expenses (no mortgage but insurance, taxes, etc) you may end up with a cash flow of $1k and a 12% ROI. 

If I don’t do this when the note is paid off it will be taxable.

—The amendments made by this section shall apply to property placed in service in taxable years beginning after the date of the enactment of this Act.Even if these bills pass, which I doubt will happen, I don't see these bills as having a substantial impact on US or state (e.g., NC or OH) real estate overall. 

What happens when sell, taxable instance.

@Bill Johnson, it is the use and disposition of the property you are selling that determine your gain and taxability. 

A trade downin value or equity creates a taxable event for the Taxpayer."

1) sounds like costs incurred directly proximate and related to a successful acquisition. 2) points are generally not taxable so it seems as if they should not be deductible