Dealer status means that any property sales you have would be at ordinary income rates rather than capital gains. 

These bills do not remove the deduction for ordinary business expenses for a real estate or any other business. 

This should take the average American spending on transportation from 17% to less than 5% over the next few years.

John, there are different impacts under the House bill and Senate bill.For example, the House bill treats all passive income (which rentals generally fall under unless you are a real estate professional) as business income subject to 25% tax rate.The Senate bill, on the other hand, has all pass through business income (including rentals, at least per my understanding) including sole proprietorships taxed at ordinary income rates (which are lower than current law) and would give a deduction of 23% off of the net income if certain criteria are met.

Are there any Americans here who have experience renting out Quebecois/ Montreal residential property who can share words of wisdom?

First, the ordinary income rates are going down under both the House and Senate bills. 

Specifically, CoreLogic's RealQuest Pro, Black Knight's TitlePro 24/7 and best of all, First American Title's DataTree.

As Linda mentioned above the net income associated with the property management business will be converted to ordinary income which is subject to self-employment tax.Some benefits of having ordinary income is that you can make retirement contributions based on this amount.

This gain gets put into a complicated accounting provision called §1231 and comes out as long-term capital gains or an ordinary loss.

Flips you pay ordinary income and self employment tax since it goes on your Schedule C.