Looking at it as one big project or would I have to claim the gain of the first parcel on 2022 taxes and second parcel on 2023 taxes (Split cost of 20 acres in 2 and show a gain for each parcel sold) ? 

Here is my expected cost:Land: $475kAcquisition Costs (Environmental, Survey, Geotech, Traffic Study): $25kSoft Costs (Engineering, architect, impact fees, permit, legal, closing costs, taxes, interim interest): $300kSite Development Costs: (Earthwork, underground utilities, curb cuts, fencing, stormwater, paving, landscaping): $800k ($400k/acre)Subtotal before vertical costs: $1,600,000 ($80/SF). 

Assuming a 30% tax on the gain, I am ballparking that benefit to be a $480k tax shield for the children.However, the owners would prefer to sell now.  

Ensure you fully understand the tax consequences between LTR, STR, and flipping properties. 

Your financial advisor, tax coordinator, CPA and tax preparer are all different person. 

They get taxed in the year they receive their money.  

This means that the income from the property can pay its expenses and generate a pre-tax profit.DSCR formula: Add up the expenses tied to the property (monthly taxes, monthly insurance, monthly homeowners association dues if applies, monthly principal & interest payment.

Can't use bonus depreciation but could use accelerated depreciation and get most (not all) of my rental income tax free.

Something to consult a CPA about is the tax write offs.

Then get hit with the capital gains tax, but then when you buy second property and live in there 2 years and sell, do you get to transfer over the 2 years no tax benefit since you did not use it on the first property?