Concurrently, I intend to construct our dream home on an adjacent 20-acre parcel that I already own outright.I've double-checked the property taxes, and they're not just accurate but slightly on the higher side.

But that increase can come with a thorny issue: capital gains tax when they file their tax returns after selling.

So essentially you will need money for ten percent of the purchase price, the first portion of the rehab, and holding costs to pay the hard money payments monthly and taxes/insurance. 

I’m a 25 y/o Dentist in Canada, thinking of specialising in the US (2 year program) and live in the US afterwards.Any fellow Canadians here that can give me a general idea with tax/setting up corp and all for US RE journey?

This might involve debt restructuring, seeking alternative financing, or even offloading non-performing assets.

Tax implications?

Although I wouldn't recommend a 10 year career professional to dive head first into Real Estate and quit their job on a whim, you're in a position where you have your entire life in front of you and likely have yet to incur debts that need to be paid and other real world expenses.  

This was a lot that was under contract for a purchase price of $500 and all in closing costs, hoa dues, back taxes, affidavit of heirship fees, was about ~$7300 to close and I used my business credit to purchase.Reason I purchased it was because all other "buyers" wanted to purchase at a super low price point where I wouldn't make any money.

Second, will you owe transfer taxes (that is very state, and even city specific sometimes)?

I believe it would increase overall investment demand with our  landlord/tenant laws being significantly more landlord friendly than CA, property taxes not reassessing on the sale, consistent job and population growth, proximity to Lake Tahoe, and temperatures that are not as cold as Tahoe in the Winter but are cooler Sacramento or Las Vegas in the summer.