Due to their liability protection and tax advantages.

It may also be helpful to consult with a real estate attorney or financial advisor for guidance.

It would also essentially wipe out $400/month rental income and you'd lose the additional benefits like potential appreciate, tax advantages, etc.If you planned to buy another rental, that would be a different conversation because there might be upside there.

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

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. 

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?

I would also appreciate and benefit from tax consulting along with general tax planning.

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

Identify properties that need renovation, improve them, and sell for a profit.Before making a decision, thoroughly analyze the local market, consider your investment goals, and consult with a local real estate agent or investment advisor.

Ex-employer would like me to consult.