Now post-COVID you have a larger inventory, increased prices, increased interest rates, increased property taxes, increased regulation (even Smokies are now requiring permits) and increased insurance and at the same time return of the reduced Pre-COVID occupancy numbers. 

Seller financing is a great way for the seller to avoid a lump sum capital gains tax, and still make steady/expected income on a property even after they sell it. 

They would likely lose any homestead tax benefits and possibly lose other things as well.

I have been paying a lot of taxes every year from selling stocks and have a high W2.

It pays the taxes, the water and sewer, and the cost to heat the property while leaving some for maintenance.

We would want to make my parents the 'renters' and we as the landlord.Question: In terms of taxes, is there something we should consider when renting to our parents?

This is generally not tax-favorable as you are taking a large chunk out of the IRA at once and will pay a high rate of tax.  

We are wanting to start a House Flipping business and are just looking for some legal and tax advice.

If I have a LLC and use a property management company for my rentals am I subject to the 1% earnings tax?

This has to be one of the least friendly states to be a landlord, and the taxes are high.