The one positive is that it allowed me to make mistakes and learn while having the security of my W2. 

Selling now means you could miss out on potential future gains.Market conditions: If the market is currently down, you might not get as much for the property as you would in a stronger market.Option 2: Get a Loan to Fix the BasementPros:Increase property value: Renovating the basement can add significant value to your property, both in terms of rental income and resale value.Higher rental income: With the basement fixed, you can charge market value rent, which could help cover the mortgage, property taxes, and the cost of the loan, with the profit potential.Tax deductions: The cost of renovations can often be deducted from your taxes, either through depreciation or as an immediate expense, depending on the nature of the renovation.Cons:Additional debt: Taking out a loan adds another layer of financial obligation and risk, especially if the increased rent doesn't cover the loan payments.Renovation risks: Renovations can sometimes uncover more issues that need fixing, leading to cost overruns and delays.Market risks: There's no guarantee that the market rent will remain high or that you will find tenants willing to pay the increased rent.Additional Considerations:Current Market Analysis: Understanding the current real estate market in your area is crucial.

I have some ideas (visa requirements, acreage, zoning (what it allows for), a section for expenses/upkeep, the amount that everything put together breaks down to depending on the number of people buying into it) but hoping for more specifics on the actual property analysis/numbers side of it since I don’t really have much experience and would need to be able to explain it to someone to help me create the sheet. 

They have the lowest rates we can find and since they are 30 year fixed...they allow us to cash flow better...which helps us qualify for other loans later.

And for my parents to utilize prop 19 for their replacement home, is it mandatory that they sell the house or would this deed transfer of ownership still allow them to transfer their tax base via prop 19?

But you will be 8k ahead if you don't buy a bootcamp.Keep in mind the biggest profits come from path of progress so its important to use deductive reasoning and research to understand what areas are declining and what areas are set for growth then buy in the path of said growth and dump anything in areas that are declining and functionally or economically obsolete.. 

That said, having my own GC license (I am also licensed in roofing, HVAC, & plumbing) allows me to to work not just for my own projects but for other developers and retail clients.

Here is what I was quoted :$240k structure coverage + 25% ($60k) (I imagine ARV to be ~$120k-$130k)$2500 personal property$24k Rental coverage (I'm expecting ~$1300/month so this may be high)$300k liability insurance (Although it's $1 difference/month for $1m)Sump/water pump coverageTotal = $117.72 This quote included the deductions for an alarm service and fire alarms equipped throughout (Do y'all usually equip your rentals with alarm systems?)

This approach allows us to analyze the market dynamics, particularly in terms of pricing, providing us the flexibility to adjust rates optimally to balance both occupancy and income as the property enters the market.

If your modified adjusted gross income (MAGI) is below $100k, the passive activity loss rules may allow you to deduct up to $25,000 in passive losses.